DEPRESSION BABIES: DO MACROECONOMIC EXPERIENCES AFFECT RISK TAKING?

• 成果类型: Article
• 署名作者: Malmendier, Ulrike; Nagel, Stefan
• 署名单位: University of California System; University of California Berkeley; Stanford University; National Bureau of Economic Research
• 刊物名称: QUARTERLY JOURNAL OF ECONOMICS
• ISSN/ISSBN: 0033-5533
• DOI: 10.1093/qje/qjq004
• 发表日期: 2011
• 页码: 373-416
• 关键词: investors; aversion

摘要

We investigate whether individual experiences of macroeconomic shocks affect financial risk taking, as often suggested for the generation that experienced the Great Depression. Using data from the Survey of Consumer Finances from 1960 to 2007, we find that individuals who have experienced low stock market returns throughout their lives so far report lower willingness to take financial risk, are less likely to participate in the stock market, invest a lower fraction of their liquid assets in stocks if they participate, and are more pessimistic about future stock returns. Those who have experienced low bond returns are less likely to own bonds. Results are estimated controlling for age, year effects, and household characteristics. More recent return experiences have stronger effects, particularly on younger people. JEL Codes: D03, D14, D83, D84, E21, G11.