| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27638 |
| 来源ID | Working Paper 27638 |
| Molecular Genetics, Risk Aversion, Return Perceptions, and Stock Market Participation | |
| Richard Sias; Laura Starks; Harry J. Turtle | |
| 发表日期 | 2020-08-10 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We show that molecular variation in DNA related to cognition, personality, health, and body shape, predicts an individual’s equity market participation and risk aversion. Moreover, the molecular genetic endowments predict individuals’ return perceptions, most of which we find to be strikingly biased. The genetic endowments also strongly associate with many of the investor characteristics (e.g., trust, sociability, wealth) shown to explain heterogeneity in equity market participation. Our analysis helps elucidate why financial choices are heritable and how genetic endowments can help explain the links between financial choices, risk aversion, beliefs, and other variables known to explain stock market participation. |
| 主题 | Microeconomics ; Economics of Information ; Financial Economics ; Portfolio Selection and Asset Pricing ; Behavioral Finance |
| URL | https://www.nber.org/papers/w27638 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585310 |
| 推荐引用方式 GB/T 7714 | Richard Sias,Laura Starks,Harry J. Turtle. Molecular Genetics, Risk Aversion, Return Perceptions, and Stock Market Participation. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27638.pdf（648KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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