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A behavioral analysis of investor diversification

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A behavioral analysis of investor diversification.pdf (343.3Kb)
Date
2014
Author
Fuertes, Ana-Maria
Muradoğlu, Gülnur
Öztürkkal, Belma
Abstract
This paper studies the link between individual investors' portfolio diversification levels and various personal traits that proxy informational advantages and overconfidence. The analysis is based on objective data from the largest Turkish brokerage house tracking 59951 individual investors' accounts with a total of 3248654 million transactions over the period 2008-2010. Wealthier highly educated older investors working in the finance sector and those trading relatively often show higher diversification levels possibly because they are better equipped to obtain and process information. Finance professionals married investors and those placing high-volume orders through investment centers show poorer diversification possibly as a reflection of overconfidence. Our analysis reveals important nonlinear effects implying that the marginal impact of overconfidence on diversification is not uniform across investors but varies according to the investor's information gathering and processing abilities.

Source

The European Journal of Finance

Issue

6

Volume

20

Pages

499-523

URI

https://hdl.handle.net/20.500.12469/710
https://doi.org/10.1080/1351847X.2012.719829

Collections

  • Araştırma Çıktıları / Scopus [1565]
  • Araştırma Çıktıları / WOS [1518]
  • Uluslararası Ticaret ve Finans / International Trade and Finance [42]

Keywords

Portfolio Risk
Behavioral Finance
Emerging Market
Individual Investor
Iversification

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