Journal of Banking and Finance ·Volume 90, Pages 76-95· MAY 2018

同群效应，个人特征和资产分配

作者：Annie C.Zhang (KPMG New Zealand)

Jiali Fang (Massey University)

Ben Jacobsen (Massey University)

Ben R.Marshall (TIAS School for Business and Society)

摘要：我们研究社会因素（包括家庭，工作场所和社区同群效应）和个人特征（包括年龄，性别，税率和受托基金）在资产配置决策中的相对重要性。最重要的因素（按顺序）是家庭同群效应，个人特征和工作场所同群效应。社区同群效应和理财建议扮演相对较不重要的角色。我们将工具变量用于家庭和工作场所的同群效应，并得到了与偶然同群效应一致的结果。

关键词：资产配置；行为金融；理财建议；家庭财务；个人投资者；实物资金；个人特征；同群效应；社会

Peer effects, personal characteristics and asset allocation

Annie C.Zhang (KPMG New Zealand) Jiali Fang (Massey University) Ben Jacobsen (Massey University) Ben R.Marshall (TIAS School for Business and Society)

ABSTRACT

We study the relative importance of social factors (including household, workplace, and neighborhood peer effects) and personal characteristics (including age, gender, tax rates, and funds under management) for asset allocation decisions. The most important factors (in order) are household peer effects, personal characteristics and workplace peer effects. Neighborhood peer effects and financial advice play a less important role. We use instrumental variables for both household and workplace peer effects and find results that are consistent with causal peer effects.

Keywords: Asset allocation; Behavioral finance; Financial advice; Household finance; Individual investors; Mutual funds; Personal characteristics; Peer effects; Social

原文链接：

https://www.sciencedirect.com/science/article/pii/S0378426618300499

翻译：张展