TY  - UNPD
A1  - Calvet, Laurent E.
A1  - Sodini, Paolo
T1  - Twin picks: Disentangling the determinants of risk-taking in household portfolios
T2  - SAFE working paper series ; No. 13
N2  - This paper investigates risk-taking in the liquid portfolios held by a large panel of Swedish twins. We document that the portfolio share invested in risky assets is an increasing and concave function of financial wealth, leading to different risk sensitivities across investors. Human capital, which we estimate directly from individual labor income, also drives risk-taking positively, while internal habit and expenditure commitments tend to reduce it. Our micro findings lend strong support to decreasing relative risk aversion and habit formation preferences. Furthermore, heterogeneous risk sensitivities across investors help reconcile individual preferences with representative-agent models.
T3  - SAFE working paper - 13 
KW  - Asset allocation
KW  - communication
KW  - genetics
KW  - habit formation
KW  - human capital
KW  - labor income
KW  - leverage
KW  - participation
KW  - risk-taking
KW  - social interactions
KW  - twin study
Y1  - 2013
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/29383
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-293833
UR  - http://ssrn.com/abstract=2244168
N1  - Enth.: Internet Appendix for "Twin picks: Disentangling the determinants of risk-taking in household portfolios"
PB  - Goethe-Univ., House of Finance, Sustainable Architecture for Finance in Europe, SAFE
CY  - Frankfurt am Main
ER  -