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Göteborgs universitets publikationer

Naïve diversification in investment decisions

Författare och institution:
Ted Martin Hedesström (Psykologiska institutionen); Henrik Svedsäter (Psykologiska institutionen); Tommy Gärling (Psykologiska institutionen)
Publicerad i:
Paper presented at the 20th research conference on subjective probability, utility and decision making (SPUDM20), Stockholm, Sweden,
Konferensbidrag, refereegranskat
Sammanfattning (abstract):
Behavioural studies of portfolio diversification typically deal with how people di-vide investments between risky and riskless assets. However, effective diversifi-cation also requires that the returns of the risky assets included in a portfolio do not covary excessively. In two experiments undergraduates made hypothetical investment choices. In Experiment 1 participants paid more attention to the vola-tility of the individual assets than to the volatility of the aggregated portfolio. In Experiment 2 most participants diversified even when this in fact increased risk due to covariation between the returns of the individual assets. The results sug-gest that novice investors neglect covariation when diversifying across invest-ment alternatives.
Ämne (baseras på Högskoleverkets indelning av forskningsämnen):
Diversification heuristic, covariation neglect, novice investors
Postens nummer:
Posten skapad:
2007-01-17 15:29

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