Investors' aspirations and portfolio performance

被引:10
作者
Magron, Camille [1 ]
机构
[1] Univ Strasbourg, LaRGE Res Ctr, EM Strasbourg Business Sch, F-67085 Strasbourg, France
关键词
Individual Investors; Portfolio performance; Behavioral Portfolio Theory; RISK; OVERCONFIDENCE; GAMBLES; LEVEL;
D O I
10.1016/j.frl.2013.09.001
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
Based on a large database of individual investors, I analyze the impact of personal financial goals on portfolio performance. I stress the role played by latent investor aspirations as defined in the Behavioral Portfolio Theory framework. I identify two opposite profiles of investors. High-aspirations investors trade more and hold riskier portfolios than the average investor. By contrast, low-aspirations investors are more diversified than the average investor. I find that when controlling for diversification, turnover and usual risk factors, high-aspiration investors underperform their peers, whereas low-aspirations investors outperform them. (C) 2013 Elsevier Inc. All rights reserved.
引用
收藏
页码:153 / 160
页数:8
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