What Matters to Individual Investors? Evidence from the Horse's Mouth

• 成果类型: Article
• 署名作者: Choi, James J.; Robertson, Adriana Z.
• 署名单位: Yale University; National Bureau of Economic Research; University of Toronto
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12895
• 发表日期: 2020
• 页码: 1965-2020
• 关键词: MUTUAL FUND PERFORMANCE; portfolio choice; long-run; consumption commitments; religious beliefs; prospect-theory; equity premium; risk-aversion; cross-section; asset prices

摘要

We survey a representative sample of U.S. individuals about how well leading academic theories describe their financial beliefs and decisions. We find substantial support for many factors hypothesized to affect portfolio equity share, particularly background risk, investment horizon, rare disasters, transactional factors, and fixed costs of stock market participation. Individuals tend to believe that past mutual fund performance is a good signal of stock-picking skill, actively managed funds do not suffer from diseconomies of scale, value stocks are safer and do not have higher expected returns, and high-momentum stocks are riskier and do have higher expected returns.