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Who Are the Value and Growth Investors?

Abstract : This paper investigates value and growth investing in a large administrative panel of Swedish residents. We show that over the life-cycle, households progressively shift from growth to value as they become older and their balance sheets improve. Furthermore, investors with high human capital and high exposure to macroeconomic risk tilt their portfolios away from value. While several behavioral biases seem evident in the data, the patterns we uncover are overall remarkably consistent with the portfolio implications of risk-based theories of the value premium.
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Preprints, Working Papers, ...
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https://hal-hec.archives-ouvertes.fr/hal-02058282
Contributor : Antoine Haldemann <>
Submitted on : Tuesday, March 5, 2019 - 9:31:49 PM
Last modification on : Wednesday, March 6, 2019 - 1:30:17 AM

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Sebastien Betermier, Laurent Calvet, Paolo Sodini. Who Are the Value and Growth Investors?. 2014. ⟨hal-02058282⟩

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