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| Tekijä: | Barnea, A. Cronqvist, H. Siegel, S. |
| Otsikko: | Nature or nurture: What determines investor behavior? |
| Lehti: | Journal of Financial Economics
2010 : DEC, VOL. 98:3 p. 583-604 |
| Asiasana: | portfolio selection behavioural science families stock markets assets finance |
| Kieli: | eng |
| Tiivistelmä: | Using data on identical and fraternal twins' complete financial portfolios, this paper decomposes the cross-sectional variation in investor behavior. It is found that a genetic factor explains about one third of the variance in stock market participation and asset allocation. Family environment has an influence on the behavior of young individuals, but this effect is not long-lasting and disappears as an individual gains experiences. Frequent contact among twins results in similar investment behavior beyond a genetic factor. The presented interpretation of a genetic component of the decision to invest in the stock market is that there are innate differences in factors affecting effective stock market participation costs. |
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