TY  - UNPD
A1  - Betermier, Sebastien
A1  - Calvet, Laurent E.
A1  - Sodini, Paolo
T1  - Who are the value and growth investors? : [Version April 2014]
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 455
N2  - This paper investigates the determinants of value and growth investing in a large administrative panel of Swedish residents over the 1999-2007 period. We document strong relationships between a household’s portfolio tilt and the household’s financial and demographic characteristics. Value investors have higher financial and real estate wealth, lower leverage, lower income risk, lower human capital, and are more likely to be female than the average growth investor. Households actively migrate to value stocks over the life-cycle and, at higher frequencies, dynamically offset the passive variations in the value tilt induced by market movements. We verify that these results are not driven by cohort effects, financial sophistication, biases toward popular or professionally close stocks, or unobserved heterogeneity in preferences. We relate these household-level results to some of the leading explanations of the value premium.
T3  - CFS working paper series - 455 
KW  - Asset pricing
KW  - Value premium
KW  - Household finance
KW  - Portfolio allocation
KW  - Human capital
Y1  - 2014
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/33832
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-338321
UR  - https://www.ifk-cfs.de/2411.html
N1  - First Version: October 2013 ; This Version: April 2014
IS  - Version April 2014
PB  - Center for Financial Studies
CY  - Frankfurt, M.
ER  -