The genetics of investment biases

• 成果类型: Article
• 署名作者: Cronqvist, Henrik; Siegel, Stephan
• 署名单位: China Europe International Business School; University of Washington; University of Washington Seattle
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2014.04.004
• 发表日期: 2014
• 页码: 215-234
• 关键词: Investment biases; Behavioral genetics; portfolio choice

摘要

For a long list of investment biases, including lack of diversification, excessive trading, and the disposition effect, we find that genetic differences explain up to 45% of the remaining variation across individual investors, after controlling for observable individual characteristics. The evidence is consistent with a view that investment biases are manifestations of innate and evolutionary ancient features of human behavior. We find that work experience with finance reduces genetic predispositions to investment biases. Finally, we find that even genetically identical investors, who grew up in the same family environment, often differ substantially in their investment behaviors due to individual-specific experiences or events. (C) 2014 Elsevier B.V. All rights reserved.