Who Are the Value and Growth Investors?
利用瑞典居民的大规模行政面板数据，研究家庭生命周期中从成长股转向价值股的投资行为，发现年龄、资产负债表、人力资本和宏观经济风险暴露显著影响投资风格，且模式与风险理论一致。
ABSTRACT This paper investigates value and growth investing in a large administrative panel of Swedish residents. We show that, over the life cycle, households progressively shift from growth to value as they become older and their balance sheets improve. Furthermore, investors with high human capital and high exposure to macroeconomic risk tilt their portfolios away from value. While several behavioral biases seem evident in the data, the patterns we uncover are overall remarkably consistent with the portfolio implications of risk‐based theories of the value premium.