Genetic Variation in Financial Decision-Making

• 成果类型: Article
• 署名作者: Cesarini, David; Johannesson, Magnus; Lichtenstein, Paul; Sandewall, Oerjan; Wallace, Bjorn
• 署名单位: New York University; New York University; Stockholm School of Economics; Karolinska Institutet
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/j.1540-6261.2010.01592.x
• 发表日期: 2010
• 页码: 1725-1754
• 关键词: risk-aversion; environmental-influences; economic return; FAMILY; twin; Similarity; determinants; preferences; allocation; adoption

摘要

Individuals differ in how they construct their investment portfolios, yet empirical models of portfolio risk typically account only for a small portion of the cross-sectional variance. This paper asks whether genetic variation can explain some of these individual differences. Following a major pension reform Swedish adults had to form a portfolio from a large menu of funds. We match data on these investment decisions with the Swedish Twin Registry and find that approximately 25% of individual variation in portfolio risk is due to genetic variation. We also find that these results extend to several other aspects of financial decision-making.