Why does junior put all his eggs in one basket? A potential rational explanation for holding concentrated portfolios.
Why does junior put all his eggs in one basket? A potential rational explanation for holding concentrated portfolios.
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为什么小学生把鸡蛋都放在一个篮子里？
DOI：
10.1016/j.jfineco.2013.03.016
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发表时间：
2013
影响因子：
8.9
通讯作者：
Chunyu Yang
中科院分区：
文献类型：
--
作者：
Hervé Roche;S. Tompaidis;Chunyu Yang
对家庭投资组合的实证研究表明，没有多少金融财富的年轻家庭持有集中在少数资产上的多元化投资组合，这一事实通常归因于行为偏差。我们提出了一个潜在的理性选择：我们表明，当面临保证金要求和借贷限制等财务约束时，获得劳动收入的金融财富较少的投资者会理性地限制他们投资的资产数量。我们为我们的结果提供理论和数值支持，并将金融财富与劳动收入的比率确定为家庭投资组合研究的有用控制变量。
Empirical studies of household portfolios show that young households, with little financial wealth, hold underdiversified portfolios that are concentrated in a small number of assets, a fact often attributed to behavioral biases. We present a potential rational alternative: we show that investors with little financial wealth, who receive labor income, rationally limit the number of assets they invest in when faced with financial constraints such as margin requirements and restrictions on borrowing. We provide theoretical and numerical support for our results and identify the ratio of financial wealth to labor income as a useful control variable for household portfolio studies.