Diversification and Its Discontents: Idiosyncratic and Entrepreneurial Risk in the Quest for Social Status

Social status concerns influence investors' decisions by driving a wedge in attitudes toward aggregate and idiosyncratic risks. I model such concerns by emphasizing the desire to "get ahead of the Joneses," which implies that aversion to idiosyncratic risk is lower than aversion to ag...

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Veröffentlicht in:	The Journal of finance (New York) 2010-10, Vol.65 (5), p.1755-1788
1. Verfasser:	ROUSSANOV, NIKOLAI
Format:	Artikel
Sprache:	eng
Schlagworte:	attitudes Economic psychology entrepreneurship Financial portfolios Household income households Idiosyncratic risk Investment planning Investment returns Investment risk Investment strategies Investors Marginal utility Modeling Portfolio diversification Portfolio management Portfolio performance portfolios Private equity Risk aversion Risk premiums Risk theory social class Social classes Socioeconomic status Status Studies uncertainty Wealth
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