作者：Calvet, Laurent E.; Campbell, John Y.; Sodini, Paolo
作者单位：Imperial College London; National Bureau of Economic Research; Harvard University; Stockholm School of Economics; Sveriges Riksbank
摘要：This paper investigates the efficiency of household investment decisions using comprehensive disaggregated Swedish data. We consider two main sources of inefficiency: underdiversification (down) and nonparticipation in risky asset markets (out). While a few households are very poorly diversified, most Swedish households outperform the Sharpe ratio of their domestic stock index through international diversification. Financially sophisticated households invest more efficiently but also more aggr...
