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首页> 外文期刊>Journal of financial economics >Value versus growth investing: Why do different investors have different styles?
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Value versus growth investing: Why do different investors have different styles?

机译：价值与增长投资：为什么不同的投资者会有不同的风格？

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摘要

We find that several factors explain an individual investor's style, i.e., the value versus growth orientation of the investor's stock portfolio. First, we find that an investor's style has a biological basis and is partially ingrained in an investor from birth. Second, we show that an investor's hedging demands as well as behavioral biases explain investment style. Finally, an investor's style is explained by life course theory in that experiences, both earlier and later in life, are related to investment style. Investors with adverse macroeconomic experiences (e.g., growing up during the Great Depression or entering the labor market during an economic recession) or who grow up in a lower socioeconomic status rearing environment have a stronger value orientation several decades later. Our research contributes a new perspective to the long-standing value and growth debate in finance. (C) 2015 Elsevier B.V. All rights reserved.
机译：我们发现有几个因素可以解释单个投资者的风格，即投资者股票投资组合的价值与增长方向。首先，我们发现投资者的风格具有生物学基础，并且从一开始就在投资者中根深蒂固。其次，我们证明了投资者的对冲要求以及行为偏向可以解释投资风格。最后，生命历程理论解释了投资者的风格，因为生命的早期和晚期都与投资风格有关。宏观经济经验不利的投资者（例如，在大萧条期间成长或在经济衰退期间进入劳动力市场）或在较低的社会经济地位和成长环境中成长的投资者在几十年后具有更强的价值取向。我们的研究为长期的金融价值与增长辩论提供了新的视角。 （C）2015 Elsevier B.V.保留所有权利。

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