Does Aggregated Returns Disclosure Increase Portfolio Risk Taking?
实验发现，当投资环境比以往实验更真实时，汇总回报披露（如降低回报查看频率、仅展示组合回报等）不再影响总股权投资，表明此前发现的汇总效应并不稳健。
Many experiments have found that participants take more investment risk if they see returns less frequently, see portfolio-level returns (rather than each individual asset's returns), or see long-horizon (rather than one-year) historical return distributions. In contrast, we find that such information aggregation treatments do not affect total equity investment when we make the investment environment more realistic than in prior experiments. Previously documented aggregation effects are not robust to changes in the risky asset's return distribution or the introduction of a multi-day delay between portfolio choice and return realizations.