年龄对投资组合选择的影响:来自意大利养老基金的证据

ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic) Pub Date : 2010-07-15 DOI:10.2139/ssrn.1786389

Giuseppe Cappelletti, Giovanni Guazzarotti, Pietro Tommasino

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引用次数: 22

摘要

最优投资组合理论(Optimal Portfolio Theory)规定，投资者在接近退休时应减少金融市场风险敞口。为了评估老龄化对投资组合选择的影响，我们研究了2002- 2008年期间意大利固定缴款养老基金的案例。我们发现，平均而言，持有风险资产的意愿确实随着年龄的增长而显著下降，但我们也证明，惯性行为相当普遍，而且代价可能非常高昂。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The Effect of Age on Portfolio Choices: Evidence Form an Italian Pension Fund

Optimal Portfolio Theory prescribes that investors reduce their exposure to financial market risk as they get near to retirement. To assess the effect of ageing on portfolio choices, we study the case of an Italian defined contribution pension fund during the period 2002-08. We find that on average the willingness to hold risky assets does indeed significantly decrease with age, but we also document that inertial behaviour is quite widespread, and can be very costly.

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ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic)

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