A new excuse for lousy investors

是 否 +2 論壇幣

k人 參與回答

經(jīng)管之家送您一份

應(yīng)屆畢業(yè)生專屬福利!

求職就業(yè)群

趙安豆老師微信：zhaoandou666

經(jīng)管之家聯(lián)合CDA

送您一個(gè)全額獎(jiǎng)學(xué)金名額~ !

立即領(lǐng)取

感謝您參與論壇問題回答

經(jīng)管之家送您兩個(gè)論壇幣！

+2 論壇幣

Genes and investing

基因與投資

Natural stock selection

自然選擇股票

A new excuse for lousy investors

差勁的投資者有了新借口

Mar 10th 2012 | from the print edition

Tweet

ECONOMISTS work on the assumption that people act rationally. If only life were that simple. Investors certainly don’t always act as they should. Among other follies, they trade too much, do not diversify their portfolios enough and are loth to discard underperforming stocks. They may have been born to behave that way. A recent study* into investment behaviour by Stephan Siegel of Arizona State University’s WP Carey School of Business, and Henrik Cronqvist of Claremont McKenna College, illuminates the role that genes play in determining investment decisions.


The authors examine the investment behaviour of 15,208 pairs of Swedish twins, using data from the country’s twin registry and its tax authority, which until 2007 kept comprehensive records on every financial transaction. Controlling for various factors, they find that identical twins, who share all their genes, were more similar in their investing behaviour than fraternal twins, who share about half their genes.


The authors calculate that genetic factors account for between a quarter and half of the variations in irrational investment behaviour between individuals. These factors are at work across more dimensions than just investing. Twins who showed a bias towards buying familiar shares rather than taking a punt on unknown ones, for example, also showed a preference for living closer to their place of birth and for marrying a spouse from the same region. Investors with large portfolios were particularly susceptible to genetic influences.

If genes explain up to a half of the variations in investment behaviour, what governs the rest? The authors also calculated the impact of shared environmental influences on the twins as well as the effect of experiences unique to one half of a twin pair. Common childhood experiences like schooling were found to have almost no influence on investment behaviour. But individual experiences explain half of the variations between twin pairs—as much as, and often more than, genes.

The study has its limitations. It looks at data from only one country during a limited period of time, for example. But it suggests that attempts to nudge people to invest more rationally have some big inbuilt biases to overcome.

掃碼加我 拉你入群

請(qǐng)注明：姓名-公司-職位

以便審核進(jìn)群資格，未注明則拒絕

分享0 收藏0 回帖

關(guān)鍵詞：Investors Investor Invest Vest Est 2012 only investment certainly investing