The Journal of Finance Volume 72, Issue 1, February 2017, Pages 5–46

誰是價值與成長投資者？

作者：Sebastien Betermier (McGill University), Laurent E. Calvet( EDHEC Business School and CEPR), Paolo Sodini (Stockholm School of Economics, and SHOF)

摘要：這篇文章對瑞典居民的官方數據進行了價值投資和成長投資調查。我們發現，在人的一生中，随着年齡的增長和資産負債表的提高，居民将從成長投資轉變為價值投資。而且，擁有較多人力資源和較高宏觀經濟風險的投資者傾向于遠離價值投資。盡管幾個行為偏差在數據中似乎得到印證，但是我們還未揭示的類型與基于風險理論的價值升水的投資組合的影響是相當一緻的。

Who Are the Value and Growth Investors?

Sebastien Betermier (McGill University),Laurent E. Calvet( EDHEC Business School and CEPR),Paolo Sodini (Stockholm School of Economics, and SHOF)

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.

原文鍊接: http://onlinelibrary.wiley.com/doi/10.1111/jofi.12473/full

翻譯：阙江靜