Journal of Finance, Volume 72, Issue1, February 2017, Pages 133-166

经验形成与投资组合选择：来自芬兰大萧条的证据

作者：Samuli Knüpfer (BI Norwegian Business School), Elias Rantapuska (University of Aalto), Matti Sarvim?ki (University of Aalto)

摘要：我们探究经验形成对投资组合选择的影响。工人处于萧条经济状态这一合理的外部变化使得我们能够识别出（经验对投资组合选择的）影响，同时一种新的估计方法也使我们可以估计出财富和收入效应。我们发现受到萧条影响的工人不太可能投资风险资产。该结果在控制了许多变量后依然稳健，同时对于那些收入、就业以及财富不受影响的个人来说该结果依然成立。该影响通过社交网络传播：受影响者的邻居以及家庭成员经历萧条这一不利的境况后也会避免投资风险资产。

Formative Experiences and Portfolio Choice: Evidence from the Finnish Great Depression

Samuli Knüpfer (BI Norwegian Business School), Elias Rantapuska(University of Aalto), Matti Sarvim?ki (University of Aalto)

ABSTRACT

We trace the impact of formative experiences on portfolio choice. Plausibly exogenous variation in workers’ exposure to a depression allows us to identify the effects and a new estimation approach makes addressing wealth and income effects possible. We find that adversely affected workers are less likely to invest in risky assets. This result is robust to a number of control variables and it holds for individuals whose income, employment, and wealth were unaffected. The effects travel through social networks: individuals whose neighbors and family members experienced adverse circumstances also avoid risky investments.

原文链接：

http://onlinelibrary.wiley.com/doi/10.1111/jofi.12469/full

翻译：秦秀婷