Cultural Origins of Risk Taking in Financial Markets
利用瑞典第二代移民数据，研究发现父母原籍国的风险偏好文化显著影响子女的股市参与、股票配置比例及投资组合风险水平。
Abstract This article studies how cultural heritage influences the differences in risk taking in financial markets. We combine data on the asset allocation of second-generation immigrants in Sweden with risk-taking culture in their parents’ countries of origin. We find that descendants of risk loving cultures are more likely to participate in equity markets, and, conditional on participation, allocate a larger share of financial wealth to equities. Moreover, they take on more idiosyncratic risk by favoring directly held stocks over mutual funds and forming more volatile portfolios. These findings are not driven by selective migration or other country of origin characteristics.