{"title":"个人投资者直接股票投资中的熟悉度偏差","authors":"Shan Lei, Ani Manakyan Mathers","doi":"10.1108/rbf-03-2023-0074","DOIUrl":null,"url":null,"abstract":"<h3>Purpose</h3>\n<p>This study examines the relationship between investors' familiarity bias, including the home bias and endowment bias, and their financial situations, expectations and personal characteristics.</p><!--/ Abstract__block -->\n<h3>Design/methodology/approach</h3>\n<p>Using the 2019 Survey of Consumer Finances, the authors utilize an ordinary least squares regression to identify the presence of endowment bias and home bias in individual investors' direct stock holdings and use a Heckman selection model to examine determinants of the extent of endowment bias and home bias.</p><!--/ Abstract__block -->\n<h3>Findings</h3>\n<p>This study finds that investors with higher income and more education, men, non-white investors and people with greater risk tolerance are actually at a greater risk of endowment bias. This study also identifies a profile of investors that are more likely to have a home bias: with less financial sophistication, lower net worth, older, female, more risk-averse, with a positive expectation about the domestic economy and a relatively shorter investment horizon.</p><!--/ Abstract__block -->\n<h3>Originality/value</h3>\n<p>This paper is among the first to use US investors' directly reported stock holdings to examine the individual characteristics that are correlated with greater familiarity bias, providing financial professionals with information about how to allocate their limited time in providing education to a variety of clients.</p><!--/ Abstract__block -->","PeriodicalId":44559,"journal":{"name":"Review of Behavioral Finance","volume":null,"pages":null},"PeriodicalIF":1.9000,"publicationDate":"2023-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Familiarity bias in direct stock investment by individual investors\",\"authors\":\"Shan Lei, Ani Manakyan Mathers\",\"doi\":\"10.1108/rbf-03-2023-0074\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<h3>Purpose</h3>\\n<p>This study examines the relationship between investors' familiarity bias, including the home bias and endowment bias, and their financial situations, expectations and personal characteristics.</p><!--/ Abstract__block -->\\n<h3>Design/methodology/approach</h3>\\n<p>Using the 2019 Survey of Consumer Finances, the authors utilize an ordinary least squares regression to identify the presence of endowment bias and home bias in individual investors' direct stock holdings and use a Heckman selection model to examine determinants of the extent of endowment bias and home bias.</p><!--/ Abstract__block -->\\n<h3>Findings</h3>\\n<p>This study finds that investors with higher income and more education, men, non-white investors and people with greater risk tolerance are actually at a greater risk of endowment bias. This study also identifies a profile of investors that are more likely to have a home bias: with less financial sophistication, lower net worth, older, female, more risk-averse, with a positive expectation about the domestic economy and a relatively shorter investment horizon.</p><!--/ Abstract__block -->\\n<h3>Originality/value</h3>\\n<p>This paper is among the first to use US investors' directly reported stock holdings to examine the individual characteristics that are correlated with greater familiarity bias, providing financial professionals with information about how to allocate their limited time in providing education to a variety of clients.</p><!--/ Abstract__block -->\",\"PeriodicalId\":44559,\"journal\":{\"name\":\"Review of Behavioral Finance\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":1.9000,\"publicationDate\":\"2023-11-23\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Review of Behavioral Finance\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1108/rbf-03-2023-0074\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Review of Behavioral Finance","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/rbf-03-2023-0074","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Familiarity bias in direct stock investment by individual investors
Purpose
This study examines the relationship between investors' familiarity bias, including the home bias and endowment bias, and their financial situations, expectations and personal characteristics.
Design/methodology/approach
Using the 2019 Survey of Consumer Finances, the authors utilize an ordinary least squares regression to identify the presence of endowment bias and home bias in individual investors' direct stock holdings and use a Heckman selection model to examine determinants of the extent of endowment bias and home bias.
Findings
This study finds that investors with higher income and more education, men, non-white investors and people with greater risk tolerance are actually at a greater risk of endowment bias. This study also identifies a profile of investors that are more likely to have a home bias: with less financial sophistication, lower net worth, older, female, more risk-averse, with a positive expectation about the domestic economy and a relatively shorter investment horizon.
Originality/value
This paper is among the first to use US investors' directly reported stock holdings to examine the individual characteristics that are correlated with greater familiarity bias, providing financial professionals with information about how to allocate their limited time in providing education to a variety of clients.
期刊介绍:
Review of Behavioral Finance publishes high quality original peer-reviewed articles in the area of behavioural finance. The RBF focus is on Behavioural Finance but with a very broad lens looking at how the behavioural attributes of the decision makers influence the financial structure of a company, investors’ portfolios, and the functioning of financial markets. High quality empirical, experimental and/or theoretical research articles as well as well executed literature review articles are considered for publication in the journal.