DO OLDER INVESTORS MAKE BETTER INVESTMENT DECISIONS?

被引：244

作者：

Korniotis, George M. ^{[1
]}

Kumar, Alok ^{[1
,2
]}

机构：

[1] Univ Miami, Sch Business Adm, Coral Gables, FL 33124 USA

[2] Univ Texas Austin, Austin, TX 78712 USA

来源：

REVIEW OF ECONOMICS AND STATISTICS | 2011年 / 93卷 / 01期

关键词：

LIFETIME PORTFOLIO SELECTION; MUTUAL FUND PERFORMANCE; INDIVIDUAL INVESTORS; ASSET ALLOCATION; STOCK; CONSUMPTION; AGE; WEALTH; INCOME; CHOICE;

D O I：

10.1162/REST_a_00053

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper examines the investment decisions of older individual investors. We find that older and experienced investors are more likely to follow rules of thumb that reflect greater investment knowledge. However, older investors are less effective in applying their investment knowledge and exhibit worse investment skill, especially if they are less educated, earn lower income, and belong to minority racial/ethnic groups. Overall, the adverse effects of aging dominate the positive effects of experience. These results indicate that older investors' portfolio decisions reflect greater knowledge about investing, but investment skill deteriorates with age due to the adverse effects of cognitive aging.

引用

页码：244 / 265

页数：22

共 50 条

[31] Investors' financial aspirations excite investment decisions: current income, future inheritance expectations, and short-term and long-term decisions-The Matthew Effect in Pakistan's emerging markets [J].

Chaudary, Samra ;

Zafar, Sohail ;

Tang, Thomas Li-Ping .

INTERNATIONAL JOURNAL OF EMERGING MARKETS, 2024, 19 (05) :1306-1334

[32] A vibrotactile wristband to help older pedestrians make safer street-crossing decisions [J].

Coeugnet, Stephanie ;

Dommes, Aurelie ;

Paneels, Sabrina ;

Chevalier, Aline ;

Vienne, Fabrice ;

Nguyen-Thong Dang ;

Anastassova, Margarita .

ACCIDENT ANALYSIS AND PREVENTION, 2017, 109 :1-9

[33] Do Behavioral Biases Affect Investors' Investment Decision Making? Evidence from the Pakistani Equity Market [J].

Ul Abideen, Zain ;

Ahmed, Zeeshan ;

Qiu, Huan ;

Zhao, Yiwei .

RISKS, 2023, 11 (06)

[34] An elicitation study to understand the equity investment motivation and decisions among Indian millennials [J].

Ahuja, Sonal ;

Kumar, Brajesh .

QUALITATIVE RESEARCH IN FINANCIAL MARKETS, 2025, 17 (01) :66-86

[35] How better informed are the institutional investors? [J].

Cai, Jinghan ;

He, Jia ;

He, Jibao .

ECONOMICS LETTERS, 2010, 106 (03) :234-237

[36] Investing decisions and life satisfaction for the elderly investors [J].

Enescu, Adrian-Gabriel ;

Szeles, Monica Raileanu .

COGENT ECONOMICS & FINANCE, 2025, 13 (01)

[37] Do Values Predict Socially Responsible Investment Decisions? Measuring the Moderating Effects of Gender [J].

Raut, Rajdeep Kumar ;

Kumar, Rohit .

JOURNAL OF EMERGING MARKET FINANCE, 2023, 22 (02) :189-214

[38] The correlated trading and investment performance of individual investors [J].

Kuo, Wei -Yu ;

Lin, Tse-Chun ;

Zhao, Jing .

JOURNAL OF EMPIRICAL FINANCE, 2024, 78

[39] Older can be better: physiological costs of paternal investment in the Florida scrub-jay [J].

Wilcoxen, Travis E. ;

Boughton, Raoul K. ;

Schoech, Stephan J. .

BEHAVIORAL ECOLOGY AND SOCIOBIOLOGY, 2010, 64 (10) :1527-1535

[40] Household production, home improvement, and housing investment among older Americans [J].

Murray, Tim ;

Dunn, Richard A. .

JOURNAL OF HOUSING ECONOMICS, 2022, 56

← 1 2 3 4 5 →