| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27969 |
| 来源ID | Working Paper 27969 |
| Millionaires Speak: What Drives Their Personal Investment Decisions? | |
| Svetlana Bender; James J. Choi; Danielle Dyson; Adriana Z. Robertson | |
| 发表日期 | 2020-10-19 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We survey 2,484 U.S. individuals with at least $1 million of investable assets about how well leading academic theories describe their financial beliefs and personal investment decisions. The wealthy’s beliefs about financial markets and the economy are surprisingly similar to those of the average U.S. household, but the wealthy are less driven by discomfort with the market, financial constraints, and labor income considerations. Portfolio equity share is most affected by professional advice, time until retirement, personal experiences, rare disaster risk, and health risk. Concentrated equity holding is most often motivated by belief that the stock has superior risk-adjusted returns. Beliefs about how expected returns vary with stock characteristics frequently differ from historical relationships, and more risk is not always associated with higher expected returns. Active equity fund investment is most motivated by professional advice and the expectation of higher average returns. Berk and Green (2004) rationalize return chasing in the absence of fund performance persistence by positing that past returns reveal managerial skill but there are diminishing returns to scale in active management. Forty-two percent of respondents agree with the first assumption, 33% with the second, and 19% with both. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w27969 |
| 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/585643 |
| 推荐引用方式 GB/T 7714 | Svetlana Bender,James J. Choi,Danielle Dyson,et al. Millionaires Speak: What Drives Their Personal Investment Decisions?. 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 | ||
| w27969.pdf（1060KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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