Stature, Obesity, and Portfolio Choice

• 成果类型: Article
• 署名作者: Addoum, Jawad M.; Korniotis, George; Kumar, Alok
• 署名单位: Cornell University; University of Miami
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2016.2508
• 发表日期: 2017
• 页码: 3393-3413
• 关键词: portfolio choice; social experiences; behavioral finance; household finance

摘要

Using multiple U.S. and European data sources, we show that observed physical attributes are related to participation in financial markets. Specifically, we find that individuals who are relatively tall and of normal weight are more likely to hold stocks in their financial portfolios. We consider several potential mechanisms that could drive the relation between physical attributes and portfolio decisions. We find that teenage social experiences as well as genetic and prenatal endowments that are fixed at birth are the two channels through which height affects financial decisions. Furthermore, we find that the relation between body mass index and portfolio decisions is largely driven by education and race.