Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/88722 
Erscheinungsjahr: 
2013
Schriftenreihe/Nr.: 
SAFE Working Paper No. 13
Verlag: 
Goethe University Frankfurt, SAFE - Sustainable Architecture for Finance in Europe, Frankfurt a. M.
Zusammenfassung: 
This paper investigates risk-taking in the liquid portfolios held by a large panel of Swedish twins. We document that the portfolio share invested in risky assets is an increasing and concave function of financial wealth, leading to different risk sensitivities across investors. Human capital, which we estimate directly from individual labor income, also drives risk-taking positively, while internal habit and expenditure commitments tend to reduce it. Our micro findings lend strong support to decreasing relative risk aversion and habit formation preferences. Furthermore, heterogeneous risk sensitivities across investors help reconcile individual preferences with representative-agent models.
Schlagwörter: 
Asset allocation
communication
genetics
habit formation
human capital
labor income
leverage
participation
risk-taking
social interactions
twin study
JEL: 
C23
D14
G11
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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