DEPRESSION BABIES: DO MACROECONOMIC EXPERIENCES AFFECT RISK TAKING?

We investigate whether individual experiences of macroeconomic shocks affect financial risk taking, as often suggested for the generation that experienced the Great Depression. Using data from the Survey of Consumer Finances from 1960 to 2007, we find that individuals who have experienced low stock...

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Veröffentlicht in:	The Quarterly journal of economics 2011-02, Vol.126 (1), p.373-416
Hauptverfasser:	Malmendier, Ulrike, Nagel, Stefan
Format:	Artikel
Sprache:	eng
Schlagworte:	Bond markets Consumer behaviour Demographics Estimation Financial bonds Financial risk Financial risks Great Depression Investment Investment risk Liquid assets Macroeconomics Personal finance Portfolio investments Rates of return Risk aversion Risk taking Securities markets Stock market returns Stock markets Stock returns Stock shares Studies Term weighting U.S.A
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