Why does junior put all his eggs in one basket? A potential rational explanation for holding concentrated portfolios

Herve Roche; Stathis Tompaidis; Chunyu Yang

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Why does junior put all his eggs in one basket? A potential rational explanation for holding concentrated portfolios

机译：为何小三把所有的鸡蛋都放在一个篮子里？持有集中投资组合的潜在理性解释

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Empirical studies of household portfolios show that young households, with little financial wealth, hold underdiversified portfolios that are concentrated in a small number of assets, a fact often attributed to behavioral biases. We present a potential rational alternative: we show that investors with little financial wealth, who receive labor income, rationally limit the number of assets they invest in when faced with financial constraints such as margin requirements and restrictions on borrowing. We provide theoretical and numerical support for our results and identify the ratio of financial wealth to labor income as a useful control variable for household portfolio studies.

机译：家庭资产组合的实证研究表明，金融财富很少的年轻家庭持有的资产组合不足，而这些资产组合集中于少量资产，这一事实通常归因于行为偏见。我们提出了一种潜在的理性选择：我们证明，在面对金融约束（例如，保证金要求和借款限制）的情况下，获得劳动收入的金融资产很少的投资者会合理地限制他们投资的资产数量。我们为研究结果提供理论和数值支持，并将金融财富与劳动收入之比确定为家庭投资组合研究的有用控制变量。

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来源
《Journal of financial economics》 |2013年第3期|775-796|共22页
作者
Herve Roche; Stathis Tompaidis; Chunyu Yang;
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作者单位

Universidad Adolfo Ibanez Business School, Chile;

McCombs School of Business, University of Texas at Austin, United States;

BI Norwegian Business School, Norway;

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原文格式 PDF
正文语种 eng
中图分类
关键词
Asset selection; Underdiversification; Labor income; Financial constraints; Household portfolios;

机译：资产选择;多样化不足;劳动收入;财务限制;家庭投资组合;

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6. Two eggs two different constraints: a potential explanation for the puzzling intraclutch egg size dimorphism in Eudyptes penguins [O] . Maud Poisbleau, Nina Dehnhard, Laurent Demongin, 2015

机译：两个鸡蛋两个不同的约束条件：Eudyptes企鹅令人费解的离合器内卵尺寸二态性的潜在解释
7. Why does junior put all his eggs in one basket? A potential rational explanation for holding concentrated portfolios [O] . Hervé Roche, Stathis Tompaidis, Chunyu Yang 2013

机译：为什么少年将他的鸡蛋放在一个篮子里？持有集中组合的潜在合理解释

Why does junior put all his eggs in one basket? A potential rational explanation for holding concentrated portfolios

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