On the Origins of Risk-Taking in Financial Markets
On the Origins of Risk-Taking in Financial Markets
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DOI：
10.1111/jofi.12521
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发表时间：
2017-10-01
影响因子：
8
通讯作者：
Majlesi, Kaveh
中科院分区：
文献类型：
--
作者：
Black, Sandra E.;Devereux, Paul J.;Majlesi, Kaveh
父母与子女之间的金融投资行为高度相关。使用瑞典的数据，我们发现被收养者持有股权的决定与亲生父母和养父母的行为有关，这意味着遗传和环境影响都起作用。然而，我们发现，培育对投资于股票的金融资产份额和投资组合波动性有更大的影响，这表明金融风险很大程度上是由环境决定的。父母投资变量大大增加了横截面回归的解释力，因此可能在理解投资行为的横截面异质性方面发挥重要作用。
Financial investment behavior is highly correlated between parents and their children. Using Swedish data, we find that the decision of adoptees to hold equities is associated with the behavior of both biological and adoptive parents, implying a role for both genetic and environmental influences. However, we find that nurture has a stronger influence on the share of financial assets invested in equities and on portfolio volatility, suggesting that financial risk-taking is substantially environmentally determined. The parental investment variables substantially increase the explanatory power of cross-sectional regressions and so may play an important role in understanding cross-sectional heterogeneity in investment behavior.