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Stockholdings of first-time and more experienced investors
Amer Univ, Dept Finance & Real Estate, Kogod Sch Business, Washington, DC 20016 USA.
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Business Studies.
Stellenbosch Univ, Dept Business Management, Stellenbosch, South Africa.
2018 (English)In: Review of Behavioral Finance, ISSN 1940-5979, Vol. 10, no 2, p. 146-162Article in journal (Refereed) Published
Abstract [en]

Purpose The purpose of this paper is to examine whether socio-economic factors influence portfolio composition of individual investors investing in stocks for the first time and how these factors relate to stock portfolio performance. Design/methodology/approach The study uses cross-sectional time-series analysis to examine a unique and detailed data set of Swedish stockholdings. Findings The results show that first-time investors do not hold diversified portfolios. They experience high market risk and, on average, underperform more experienced investors. Males have higher unsystematic risk in their portfolios than females and older investors have more diversified portfolios compared to younger investors. Research limitations/implications The results show that individual investors should improve their insights by incorporating risk when investing in stocks. Practical implications Given the results of this paper, the movement from defined benefit to defined contribution pension schemes in many countries raises the issue of the need to better understand and monitor the risks in stock portfolios. Originality/value This study provides insights into whether socio-economic factors influence portfolio composition, the extent to which socio-economic factors and portfolio characteristics relate to portfolio returns, and whether portfolio performance between first-time and more experienced investors differs.

Place, publisher, year, edition, pages
EMERALD GROUP PUBLISHING LTD , 2018. Vol. 10, no 2, p. 146-162
Keywords [en]
Diversification, Stock market, Sweden, Individual investors
National Category
Business Administration
Identifiers
URN: urn:nbn:se:uu:diva-357545DOI: 10.1108/RBF-11-2016-0077ISI: 000433373400002OAI: oai:DiVA.org:uu-357545DiVA, id: diva2:1239775
Available from: 2018-08-17 Created: 2018-08-17 Last updated: 2018-08-17Bibliographically approved

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de Ridder, Adri

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