Household choices on investing in financial risky assets: Do national institutional factors have their own merit?
利用2009-2018年15个发达国家的家庭调查数据，研究国家制度因素（如司法独立和产权保护）如何影响家庭投资风险资产的决策，对投资者和投资组合管理者有参考价值。
Abstract Using data from household surveys in United Kingdom, Belgium, France, Germany, Japan, the Netherlands, Sweden, Norway, Denmark, Italy, Switzerland, Australia, New Zealand, Canada, and United States, spanning the period 2009–2018, we examine the institutional basis of households' portfolio choice decisions as related to investments in financial risky assets. We document that governance matters for households' investment decisions. A decomposition of the institutional factor effects on portfolio allocation reveals that a high degree of judicial independence and property rights protection drive households to invest in riskier assets. Our findings, which receive robust support from alternative panel data methodological approaches, have important implications for the literature on the factors dictating portfolio investments, as well as for financial choice decisions reached by investors and portfolio managers.