Low Interest Rates and Risk-Taking: Evidence from Individual Investment Decisions
通过随机投资实验和家庭投资数据，发现低利率会显著提高个人对风险资产的配置比例，这一行为难以用传统理论解释，而与参考依赖和显著性等心理机制有关。
How do low interest rates affect investor behavior? We demonstrate that individuals “reach for yield, ” that is, have a greater appetite for risk-taking when interest rates are low. Using randomized investment experiments holding fixed risk premiums and risks, we show low interest rates lead to significantly higher allocations to risky assets among diverse populations. The behavior is not easily explained by conventional portfolio choice theory or institutional frictions. We then propose and provide evidence of mechanisms related to investor psychology, including reference dependence and salience. We also present results using observational data on household investment decisions. Received July 18, 2017; editorial decision July 30, 2018 by Editor Andrew Karolyi.