Who Are the Value and Growth Investors?
Who Are the Value and Growth Investors?
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谁是价值和成长投资者？
DOI：
10.2139/ssrn.2426823
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发表时间：
2016
期刊：
影响因子：
--
通讯作者：
Paolo Sodini
中科院分区：
文献类型：
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作者：
Sébastien Betermier;Laurent E. Calvet;Paolo Sodini
本文探讨了价值和增长投资在一个大型的行政小组的瑞典居民。我们发现，在整个生命周期中，随着年龄的增长和资产负债表的改善，家庭逐渐从增长转向价值。此外，人力资本高和宏观经济风险高的投资者使其投资组合偏离价值。虽然数据中的一些行为偏差似乎很明显，但我们发现的模式总体上与基于风险的价值溢价理论的投资组合含义非常一致。
This paper investigates value and growth investing in a large administrative panel of Swedish residents. We show that over the life-cycle, households progressively shift from growth to value as they become older and their balance sheets improve. Furthermore, investors with high human capital and high exposure to macroeconomic risk tilt their portfolios away from value. While several behavioral biases seem evident in the data, the patterns we uncover are overall remarkably consistent with the portfolio implications of risk-based theories of the value premium.