Prior investment outcomes and stock investment in defined contribution plans

被引：3
|
作者：
Yao, Rui [1 ]
Lei, Shan [2 ]
机构：
[1] Univ Missouri, Dept Personal Financial Planning, Columbia, MO 65211 USA
[2] West Texas A&M Univ, Dept Accounting Econ & Finance, Canyon, TX USA
来源：
APPLIED ECONOMICS LETTERS | 2016年 / 23卷 / 14期
基金：
美国食品与农业研究所;
关键词：
Behaviour; defined contribution plans; house money effect; prior outcome; HOUSE MONEY; BREAK-EVEN;
D O I：
10.1080/13504851.2015.1128067
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
In this study, we employ the 2001-2013 Survey of Consumer Finances to examine how prior investment outcomes affect portfolio allocation in defined contribution (DC) plans. Results show that investors with prior gains are more likely to invest all DC plan assets in stocks. Factors such as risk tolerance and investment horizon positively affect investors' tendency to allocate all DC assets to stocks. These findings have important implications for investors, researchers and financial professionals.
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页码：999 / 1002
页数：4
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