Genetic Variation in Financial Decision-Making

被引:128
作者
Cesarini, David [1 ,2 ]
Johannesson, Magnus [3 ]
Lichtenstein, Paul [4 ]
Sandewall, Oerjan
Wallace, Bjorn [3 ]
机构
[1] NYU, Dept Econ, New York, NY 10003 USA
[2] NYU, Ctr Expt Social Sci, New York, NY 10003 USA
[3] Stockholm Sch Econ, Dept Econ, Stockholm, Sweden
[4] Karolinska Inst, Dept Med Epidemiol & Biostat, S-10401 Stockholm, Sweden
关键词
RISK-AVERSION; ENVIRONMENTAL-INFLUENCES; ECONOMIC RETURN; FAMILY; TWIN; SIMILARITY; DETERMINANTS; PREFERENCES; ALLOCATION; ADOPTION;
D O I
10.1111/j.1540-6261.2010.01592.x
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
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.
引用
收藏
页码:1725 / 1754
页数:30
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