Do Older Investors Make Better Investment Decisions?
研究了年长个人投资者的投资决策，发现他们虽更遵循反映投资知识的经验法则，但应用知识的能力较差，投资技能随年龄下降，尤其对低教育、低收入和少数族裔群体影响更大。
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. © 2011 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology.