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Does Aggregated Returns Disclosure Increase Portfolio Risk Taking?
- Source :
-
The review of financial studies [Rev Financ Stud] 2017 Jun; Vol. 30 (6), pp. 1971-2005. Date of Electronic Publication: 2016 Oct 19. - Publication Year :
- 2017
-
Abstract
- Many experiments have found that participants take more investment risk if they see returns less frequently, see portfolio-level returns (rather than each individual asset's returns), or see long-horizon (rather than one-year) historical return distributions. In contrast, we find that such information aggregation treatments do not affect total equity investment when we make the investment environment more realistic than in prior experiments. Previously documented aggregation effects are not robust to changes in the risky asset's return distribution or the introduction of a multi-day delay between portfolio choice and return realizations.
Details
- Language :
- English
- ISSN :
- 0893-9454
- Volume :
- 30
- Issue :
- 6
- Database :
- MEDLINE
- Journal :
- The review of financial studies
- Publication Type :
- Academic Journal
- Accession number :
- 28553012
- Full Text :
- https://doi.org/10.1093/rfs/hhw086