IQ and Stock Market Participation
研究发现智商与股市参与呈单调正相关，即使在富裕人群中也是如此。高智商投资者更可能持有共同基金和更多股票，风险更低且夏普比率更高。
ABSTRACT Stock market participation is monotonically related to IQ, controlling for wealth, income, age, and other demographic and occupational information. The high correlation between IQ and participation exists even among the affluent. Supplemental data from siblings, studied with an instrumental variables approach and regressions that control for family effects, demonstrate that IQ's influence on participation extends to females and does not arise from omitted familial and nonfamilial variables. High‐IQ investors are more likely to hold mutual funds and larger numbers of stocks, experience lower risk, and earn higher Sharpe ratios. We discuss implications for policy and finance research.