What Matters to Individual Investors? Evidence from the Horse's Mouth
通过对美国个人投资者的代表性调查，检验了主流学术理论对其金融信念和决策的解释力，发现背景风险、投资期限、罕见灾难、交易成本和固定参与成本等因素显著影响股票配置比例。
ABSTRACT We survey a representative sample of U.S. individuals about how well leading academic theories describe their financial beliefs and decisions. We find substantial support for many factors hypothesized to affect portfolio equity share, particularly background risk, investment horizon, rare disasters, transactional factors, and fixed costs of stock market participation. Individuals tend to believe that past mutual fund performance is a good signal of stock‐picking skill, actively managed funds do not suffer from diseconomies of scale, value stocks are safer and do not have higher expected returns, and high‐momentum stocks are riskier and do have higher expected returns.