The Journal of Finance Volume 72, Issue 1, February 2017, Pages 5–46

谁是价值与成长投资者？

作者：Sebastien Betermier (McGill University), Laurent E. Calvet( EDHEC Business School and CEPR), Paolo Sodini (Stockholm School of Economics, and SHOF)

摘要：这篇文章对瑞典居民的官方数据进行了价值投资和成长投资调查。我们发现，在人的一生中，随着年龄的增长和资产负债表的提高，居民将从成长投资转变为价值投资。而且，拥有较多人力资源和较高宏观经济风险的投资者倾向于远离价值投资。尽管几个行为偏差在数据中似乎得到印证，但是我们还未揭示的类型与基于风险理论的价值升水的投资组合的影响是相当一致的。

Who Are the Value and Growth Investors?

Sebastien Betermier (McGill University),Laurent E. Calvet( EDHEC Business School and CEPR),Paolo Sodini (Stockholm School of Economics, and SHOF)

ABSTRACT

This paper investigates value and growth investing in a large administrative panel of Swedish residents. We show that, over the life cycle, households progressively shift from growth to value as they become older and their balance sheets improve. Furthermore, investors with high human capital and high exposure to macroeconomic risk tilt their portfolios away from value. While several behavioral biases seem evident in the data, the patterns we uncover are overall remarkably consistent with the portfolio implications of risk-based theories of the value premium.

原文链接: http://onlinelibrary.wiley.com/doi/10.1111/jofi.12473/full

翻译：阙江静