On the Origins of Risk-Taking in Financial Markets

Financial investment behavior is highly correlated between parents and their children. Using Swedish data, we find that the decision of adoptees to hold equities is associated with the behavior of both biological and adoptive parents, implying a role for both genetic and environmental influences. Ho...

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Bibliographic details
Volume: 72
Main Author: SANDRA E. BLACK
Format: Journal Article
Language: English
Zielgruppe: Academic
Place of publication: HOBOKEN Wiley Periodicals, Inc 01.10.2017
Wiley Subscription Services, Inc
published in: The Journal of finance (New York) Vol. 72; no. 5; pp. 2229 - 2277
Data of publication: 20171001
ISSN: 0022-1082
EISSN: 1540-6261
Discipline: Business
Bibliography: Sandra E. Black is with the University of Texas at Austin, NHH, IZA, and NBER. Paul J. Devereux is with University College Dublin, CEPR, and IZA. Petter Lundborg is with Lund University, IZA, and Knut Wicksell Centre for Financial Studies. Kaveh Majlesi is with Lund University, IZA, and Knut Wicksell Centre for Financial Studies. The data used in this paper come from the Swedish Interdisciplinary Panel (SIP) administered at the Centre for Economic Demography, Lund University, Sweden. This paper has benefited from the valuable comments of conference participants at the 2015 NBER Summer Institute, the 2015 NBER Behavioral Finance Fall meeting, the 2016 Western Finance Association annual meetings, the 2016 European Finance Association, Austin‐Bergen‐London Workshop, and SoLE/EALE, as well as from participants at seminars at the Copenhagen Business School, Lund University, Southern Denmark University, The University of Texas at Austin, and UC Davis. We thank Nigel Jones Barradale, Henrik Cronqvist, Francisco Gomes, Camelia Kuhnen, and Stephan Siegel for comments and discussion. We also thank the Editor, Kenneth Singleton, and two anonymous referees for insightful comments that helped us improve our paper. Erik Grenestam provided excellent research assistance. All errors are our own. The authors have read the
Journal of Finance
s disclosure policy and have no conflicts of interest to disclose.
Online Access: Fulltext
Database: Social Sciences Citation Index
Web of Science - Social Sciences Citation Index - 2017
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