| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29604 |
| 来源ID | Working Paper 29604 |
| What Drives Variation in Investor Portfolios? Evidence from Retirement Plans | |
| Mark L. Egan; Alexander MacKay; Hanbin Yang | |
| 发表日期 | 2021-12-27 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We document new patterns in investment behavior using a comprehensive dataset of 401(k) plans from 2009 through 2019. We show that there is substantial heterogeneity in asset allocation across plans, and that these differences are systematically predictable by sector of employment and demographic characteristics. For example, higher income and education is associated with more exposure to equities, while a greater share of minorities and retirees is associated with less equity exposure. These patterns cannot be rationalized by differences in investment options or plan participation. To understand observed investment behavior, we use a revealed preference approach that allows us to recover heterogeneity in investors’ (subjective) expectations and risk preferences. We find that differences in expectations play an important role in explaining portfolios. Further, we show that investors appear to form expectations based on local sources of information such as county-level GDP growth, home prices, and employer past performance. Overall, our findings are consistent with a model in which heterogeneity in investor expectations reflects idiosyncratic experiences and local environments. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Behavioral Finance ; Labor Economics ; Labor Compensation |
| URL | https://www.nber.org/papers/w29604 |
| 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/587276 |
| 推荐引用方式 GB/T 7714 | Mark L. Egan,Alexander MacKay,Hanbin Yang. What Drives Variation in Investor Portfolios? Evidence from Retirement Plans. 2021. |
| 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 | ||
| w29604.pdf（1576KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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