通货膨胀与个人投资者行为:来自德国恶性通货膨胀的证据

IF 6.8 1区经济学 Q1 BUSINESS, FINANCE

Review of Financial Studies Pub Date : 2023-05-22 DOI:10.1093/rfs/hhad047

Fabio Braggion, Felix von Meyerinck, Nic Schaub

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引用次数: 1

摘要

摘要本文分析了个人投资者对通货膨胀的反应。我们介绍了一个独特的数据集，其中包含1920年至1924年间一家德国银行2000多名客户的当地通货膨胀和证券投资组合信息，涵盖了德国的恶性通货膨胀。我们发现，当面临较高的当地通货膨胀时，个人投资者买入(卖出)股票的数量会减少。这种影响在不那么老练的投资者身上更为明显。此外，我们证明了当地通货膨胀与股票出售后放弃收益之间的正相关关系。我们的研究结果与遭受金钱错觉的个人投资者一致。其他解释，如消费需求，不太可能推动我们的结果。作者们提供了一份互联网附录，可以在牛津大学出版社的网站上找到，就在最终发表论文的链接旁边

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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Inflation and Individual Investors’ Behavior: Evidence from the German Hyperinflation

Abstract We analyze how individual investors respond to inflation. We introduce a unique data set containing information on local inflation and security portfolios of more than 2,000 clients of a German bank between 1920 and 1924, covering the German hyperinflation. We find that individual investors buy fewer (sell more) stocks when facing higher local inflation. This effect is more pronounced for less sophisticated investors. Moreover, we document a positive relation between local inflation and forgone returns following stock sales. Our findings are consistent with individual investors suffering from money illusion. Alternative explanations, such as consumption needs, are unlikely to drive our results. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online

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来源期刊

Review of Financial Studies Multiple-

CiteScore

16.00

自引率

2.40%

发文量

期刊介绍： The Review of Financial Studies is a prominent platform that aims to foster and widely distribute noteworthy research in financial economics. With an expansive editorial board, the Review strives to maintain a balance between theoretical and empirical contributions. The primary focus of paper selection is based on the quality and significance of the research to the field of finance, rather than its level of technical complexity. The scope of finance within the Review encompasses its intersection with economics. Sponsoring The Society for Financial Studies, the Review and the Society appoint editors and officers through limited terms.