Författare: David Cesarini, Magnus Johannesson, Paul Lichtenstein, Örjan Sandewall och Björn WallaceÅr: 2010
Publikation:
Journal of Finance
Årgång (nr): 65 (5)
Sidor: 1725–1754
Artikeln online (behörighet kan krävas)
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.
Referens:
Cesarini, David, Magnus Johannesson, Paul Lichtenstein, Örjan Sandewall och Björn Wallace (2010),
"Genetic Variation in Financial Decision-Making".
Journal of Finance
65(5),
1725–1754.