Individual risk attitudes and the composition of financial portfolios: Evidence from German household portfolios

被引：53

作者：

Barasinska, Nataliya ^{[1
,2
]}

Schaefer, Dorothea ^{[1
,3
]}

Stephan, Andreas ^{[4
]}

机构：

[1] DIW Berlin, Berlin, Germany

[2] Free Univ Berlin, Berlin, Germany

[3] Jonkoping Int Business Sch, Jonkoping, Sweden

[4] Jonkoping Int Business Sch, DIW Berlin, CESIS Stockholm, Jonkoping, Sweden

来源：

QUARTERLY REVIEW OF ECONOMICS AND FINANCE | 2012年 / 52卷 / 01期

基金：

欧盟第七框架计划;

关键词：

Private households; Portfolio diversification; Risk aversion;

D O I：

10.1016/j.qref.2011.10.001

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper explores the relationship between the self-declared risk aversion of private investors and their propensity to hold incomplete portfolios of financial assets. The analysis is based on household survey data from the German Socioeconomic Panel (SOEP) that provides a reliable measure of individual attitudes toward financial risk. Our findings suggest that more risk averse households tend to hold incomplete portfolios consisting mainly of a few risk-free assets. We also find that the propensity to acquire additional assets is highly dependent on whether liquidity and safety needs are met. (C) 2011 The Board of Trustees of the University of Illinois. Published by Elsevier B.V. All rights reserved.

引用

页码：1 / 14

页数：14

共 38 条

[11] A multivariate model of strategic asset allocation [J].