The Millennials Acts in Finance

This paper demonstrates that the Millennials exhibit a unique personality treats that has implications on their portfolio choice, and hence on the stock market. Specifically, Millennials display greater propensity to participate in the stock market, exhibit more confident, as they trade more frequently, and more diverse (invest more in many stocks and foreign assets). At the macro level, we find that the stock market behaves differently surrounding holidays, and the statistical significance of key financial anomalies disrupted. Collectively, we infer that the financial market not only exposed to business cycles, but also to generation cycles.