文章基本信息

标题：Positive Analysis on Japanese Individual Investors’ Ratio of Risk Asset Holding
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作者：Toshihiko TAKEMURA ; Takashi KOZU ; Koichi TAKEDA 等
期刊名称：Eurasian Journal of Business and Economics
印刷版ISSN：1694-5948
电子版ISSN：1694-5972
出版年度：2018
卷号：21
页码：69-85
语种：English
出版社：International Ataturk Alatoo University
摘要：In this article, we investigate the determinants of risk asset holding ratio using micro data collected from a Web-based survey. The findings of the current study indicate that, (1) factors such as subjective excess return, overconfidence and time discount rate make positive effects on the ratio of any risk asset holding (factor such as informal information sources make a negative effect), but the effects of other factors in our model vary with the type of the risk assets. Especially, the information sources used in investments make different effects on each type of the risk assets. (2) Psychological factors such as overconfidence and time discount rate used in behavioral finance increase the ratio of the any risk asset holding.