Belief Disagreement and Portfolio Choice
利用数百万家庭的数据，研究发现2016年总统大选后，倾向共和党的投资者增加了股票配置，而倾向民主党的投资者转向安全资产，表明投资者基于不同世界观解读公共信息驱动了该行为。
ABSTRACT Using proprietary financial data on millions of households, we show that likely‐Republicans increased the equity share and market beta of their portfolios following the 2016 presidential election, while likely‐Democrats rebalanced into safe assets. We provide evidence that this behavior was driven by investors interpreting public information based on different models of the world. We use detailed controls to rule out the main nonbelief‐based channels such as income hedging needs, preferences, and local economic exposures. These findings are driven by a small share of investors making big changes, and are stronger among investors who trade more ex ante.