DO OLDER INVESTORS MAKE BETTER INVESTMENT DECISIONS?
DO OLDER INVESTORS MAKE BETTER INVESTMENT DECISIONS?
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DOI：
10.1162/rest_a_00053
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发表时间：
2011-02-01
影响因子：
8
通讯作者：
Kumar, Alok
中科院分区：
文献类型：
--
作者：
Korniotis, George M.;Kumar, Alok
本文考察了老年个人投资者的投资决策。我们发现，年龄较大和经验丰富的投资者更有可能遵循经验法则，这反映了他们更丰富的投资知识。然而，年龄较大的投资者在应用他们的投资知识方面效率较低，投资技能较差，特别是如果他们受教育程度较低，收入较低，属于少数民族/民族群体。总的来说，衰老的不利影响超过了经验的积极影响。这些结果表明，年龄较大的投资者的投资组合决策反映了更多的投资知识，但由于认知老化的不利影响，投资技能随着年龄的增长而恶化。
This paper examines the investment decisions of older individual investors. We find that older and experienced investors are more likely to follow rules of thumb that reflect greater investment knowledge. However, older investors are less effective in applying their investment knowledge and exhibit worse investment skill, especially if they are less educated, earn lower income, and belong to minority racial/ethnic groups. Overall, the adverse effects of aging dominate the positive effects of experience. These results indicate that older investors' portfolio decisions reflect greater knowledge about investing, but investment skill deteriorates with age due to the adverse effects of cognitive aging.