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

[41] Life is Too Short? Bereaved Managers and Investment Decisions* [J].

Liu, Clark ;

Sulaeman, Johan ;

Shu, Tao ;

Yeung, P. Eric .

REVIEW OF FINANCE, 2023, 27 (04) :1373-1421

[42] Just How Much Do Individual Investors Lose by Trading? [J].

Barber, Brad M. ;

Lee, Yi-Tsung ;

Liu, Yu-Jane ;

Odean, Terrance .

REVIEW OF FINANCIAL STUDIES, 2009, 22 (02) :609-632

[43] Altruism and egoism in investment decisions [J].

Brodback, Daniel ;

Guenster, Nadja ;

Mezger, David .

REVIEW OF FINANCIAL ECONOMICS, 2019, 37 (01) :118-148

[44] A framework for online investment decisions [J].

Paskaramoorthy, Andrew B. ;

Gebbie, Tim J. ;

van Zyl, Terence L. .

INVESTMENT ANALYSTS JOURNAL, 2020, 49 (03) :215-231

[45] Investment Decisions for Retirement Savings [J].

Bateman, Hazel ;

Louviere, Jordan ;

Thorp, Susan ;

Islam, Towhidul ;

Satchell, Stephen .

JOURNAL OF CONSUMER AFFAIRS, 2010, 44 (03) :463-482

[46] DO CHILDREN FROM SMALL FAMILIES DO BETTER? [J].

Parr, Nick .

JOURNAL OF POPULATION RESEARCH, 2006, 23 (01) :1-25

[47] Investment decisions in digital sukuk in the time of COVID-19: do tax incentives matter? [J].

Bin-Nashwan, Saeed Awadh ;

Muneeza, Aishath .

JOURNAL OF SUSTAINABLE FINANCE & INVESTMENT, 2023, 13 (01) :589-613

[48] Decision aids to help older people make health decisions: a systematic review and meta-analysis [J].

van Weert, Julia C. M. ;

van Munster, Barbara C. ;

Sanders, Remco ;

Spijker, Rene ;

Hooft, Lotty ;

Jansen, Jesse .

BMC MEDICAL INFORMATICS AND DECISION MAKING, 2016, 16

[49] Attentional dynamics of evidence accumulation explain why more numerate people make better decisions under risk [J].

Zilker, Veronika .

SCIENTIFIC REPORTS, 2024, 14 (01)

[50] Unveiling investors' substitution behavior: Stock trading decisions in response to housing market dynamics [J].

Lu, Yiqing ;

Zhao, Bin ;

Zhu, Ning .

JOURNAL OF CORPORATE FINANCE, 2024, 86

← 1 2 3 4 5 →