On the Origins of Risk‐Taking in Financial Markets
利用瑞典收养数据，研究发现亲生父母和养父母的股票投资行为均影响被收养者的持股决策，但环境因素对股票投资比例和组合波动的影响更强，表明金融风险承担主要由环境决定。
ABSTRACT Financial investment behavior is highly correlated between parents and their children. Using Swedish data, we find that the decision of adoptees to hold equities is associated with the behavior of both biological and adoptive parents, implying a role for both genetic and environmental influences. However, we find that nurture has a stronger influence on the share of financial assets invested in equities and on portfolio volatility, suggesting that financial risk‐taking is substantially environmentally determined. The parental investment variables substantially increase the explanatory power of cross‐sectional regressions and so may play an important role in understanding cross‐sectional heterogeneity in investment behavior.