DO OLDER INVESTORS MAKE BETTER INVESTMENT DECISIONS?

被引：231
|
作者：
Korniotis, George M. [1 ]
Kumar, Alok [1 ,2 ]
机构：
[1] Univ Miami, Sch Business Adm, Coral Gables, FL 33124 USA
[2] Univ Texas Austin, Austin, TX 78712 USA
来源：
REVIEW OF ECONOMICS AND STATISTICS | 2011年 / 93卷 / 01期
关键词：
LIFETIME PORTFOLIO SELECTION; MUTUAL FUND PERFORMANCE; INDIVIDUAL INVESTORS; ASSET ALLOCATION; STOCK; CONSUMPTION; AGE; WEALTH; INCOME; CHOICE;
D O I：
10.1162/REST_a_00053
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper examines the investment decisions of older individual investors. We find that older and experienced investors are more likely to follow rules of thumb that reflect greater investment knowledge. However, older investors are less effective in applying their investment knowledge and exhibit worse investment skill, especially if they are less educated, earn lower income, and belong to minority racial/ethnic groups. Overall, the adverse effects of aging dominate the positive effects of experience. These results indicate that older investors' portfolio decisions reflect greater knowledge about investing, but investment skill deteriorates with age due to the adverse effects of cognitive aging.
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页码：244 / 265
页数：22
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