女性在投资中更厌恶风险吗?巴西的证据

IF 1.9 Q2 BUSINESS, FINANCE
Rachel Borges Cyrino De Sá, Mathias Schneid Tessmann, Alex Cerqueira Cerqueira
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引用次数: 0

摘要

本文旨在通过估算性别对投资组合波动性的影响,研究女性在投资中是否比男性表现出更大的风险规避行为。本文使用了巴西和拉丁美洲最大的资本市场金融机构之一在过去六个月、过去十二个月以及个人成为其客户以来所观察到的投资组合波动性数据。除了性别解释变量外,还控制了年龄、婚姻状况、适用性、首都居住地和申报资产等社会经济变量,并控制了多元线性回归模型。研究结果研究结果表明,在所有用于解释投资组合波动性的估计模型中,性别都具有显著的统计学意义,这说明女性比男性更能规避风险。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Are women more risk averse in investments? Brazilian evidence

Purpose

This paper seeks to investigate whether women exhibit greater risk-aversion behavior than men in investments by estimating the influence of gender on portfolio volatility.

Design/methodology/approach

Data on the volatility observed in the portfolio in the last six months, last twelve months and since the individual became a client at one of the largest financial institutions in Brazil – and in Latin America – that operates in the capital markets are used. In addition to the gender explanatory variable, socioeconomic variables such as age, marital status, suitability, residence in capitals and declared assets are controlled, and multiple linear regression models are controlled.

Findings

The results show that gender is statistically significant in all models estimated to explain the volatility of investment portfolios, saying that women are more risk averse than men.

Originality/value

These findings are useful for the scientific literature that investigates behavioral finance by bringing empirical evidence for Brazil.

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来源期刊
Review of Behavioral Finance
Review of Behavioral Finance BUSINESS, FINANCE-
CiteScore
4.70
自引率
5.00%
发文量
44
期刊介绍: Review of Behavioral Finance publishes high quality original peer-reviewed articles in the area of behavioural finance. The RBF focus is on Behavioural Finance but with a very broad lens looking at how the behavioural attributes of the decision makers influence the financial structure of a company, investors’ portfolios, and the functioning of financial markets. High quality empirical, experimental and/or theoretical research articles as well as well executed literature review articles are considered for publication in the journal.
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