The Journal of Financial Economics Volume 117, Issue2, August 2015, Pages333-349

价值投资与成长投资：为何投资者风格迥异？

作者：Henrik Cronqvist (China Europe International Business School), Stephan Siegel (University of Washington-Michael G. Foster School of Business), Frank Yu (China Europe International Business School)

摘要：我们发现有多个因素可以解释个人投资者的风格特征，（投资者风格特征）即投资者股票组合中价值型股票与成长型股票的取向。首先，我们发现投资者的风格特征具有生物学上的偏差，并且此偏差是投资者与生俱来的。其次，我们证明了投资者的对冲需求以及行为差异能够解释其风格特征。最后，投资者的风格特征能够被生命过程理论所解释，表现为投资者早期以及以后的生活都与其投资风格相关。当投资者成长于较为不利的宏观经济环境（例如，成长于大萧条时期或者在经济衰退时期进入劳动力市场）或者幼时家庭的经济条件较差的，其成年后更倾向于价值投资。我们的研究为长期的价值投资和成长投资建立了一个新的视角。

关键词：投资行为，投资组合选择，价值投资，成长投资

Value versus growth investing: Why do different investors have different styles？

Henrik Cronqvist (China Europe International Business School), Stephan Siegel (University of Washington-Michael G. Foster School of Business), Frank Yu (China Europe International Business School)

ABSTRACT

We find that several factors explain an individual investor's style, i.e., the value versus growth orientation of the investor's stock portfolio. First, we find that an investor's style has a biological basis and is partially ingrained in an investor from birth. Second, we show that an investor's hedging demands as well as behavioral biases explain investment style. Finally, an investor's style is explained by life course theory in that experiences, both earlier and later in life, are related to investment style. Investors with adverse macro-economic experiences (e.g. growing up during the Great Depression or entering the labor market during an economic recession) or who grow up in a lower socioeconomic status rearing environment have a stronger value orientation several decades later. Our research contributes a new perspective to the long-standing value and growth debate in finance.

Keywords: Investment behavior , Portfolio choice , Value investing , Growth investing

原文链接：http://www.sciencedirect.com/science/article/pii/S0304405X15000495

翻译：秦秀婷