How do Personal Real Estate Transactions Affect Productivity and Risk Taking? Evidence from Professional Asset Managers
研究发现专业资产经理的个人房产购买会分散工作注意力，导致业绩下降、交易减少，并增加职业投资组合的风险，尤其在使用高杠杆购买投资性房产时。
Abstract We examine the personal real estate transactions of professional asset managers to understand the effect of these transactions on professional productivity and risk proclivities. We find that real estate acquisitions lead to distractions, as evidenced by reduced performance, less active trading, and increased susceptibility to behavioral biases such as the disposition effect. We also find evidence that managers tend to increase the riskiness of their professional portfolios after real estate purchases, especially when purchasing investment properties and when purchases use extensive leverage. This suggests consistent risk‐taking appetites across personal and professional portfolios.