The Journal of Financial Economics Volume 117, Issue2, August 2015, Pages333-349

價值投資與成長投資：為何投資者風格迥異？

作者：Henrik Cronqvist (China Europe International Business School), Stephan Siegel (University of Washington-Michael G. Foster School of Business), Frank Yu (China Europe International Business School)

摘要：我們發現有多個因素可以解釋個人投資者的風格特征，（投資者風格特征）即投資者股票組合中價值型股票與成長型股票的取向。首先，我們發現投資者的風格特征具有生物學上的偏差，并且此偏差是投資者與生俱來的。其次，我們證明了投資者的對沖需求以及行為差異能夠解釋其風格特征。最後，投資者的風格特征能夠被生命過程理論所解釋，表現為投資者早期以及以後的生活都與其投資風格相關。當投資者成長于較為不利的宏觀經濟環境（例如，成長于大蕭條時期或者在經濟衰退時期進入勞動力市場）或者幼時家庭的經濟條件較差的，其成年後更傾向于價值投資。我們的研究為長期的價值投資和成長投資建立了一個新的視角。

關鍵詞：投資行為，投資組合選擇，價值投資，成長投資

Value versus growth investing: Why do different investors have different styles？

Henrik Cronqvist (China Europe International Business School), Stephan Siegel (University of Washington-Michael G. Foster School of Business), Frank Yu (China Europe International Business School)

ABSTRACT

We find that several factors explain an individual investor's style, i.e., the value versus growth orientation of the investor's stock portfolio. First, we find that an investor's style has a biological basis and is partially ingrained in an investor from birth. Second, we show that an investor's hedging demands as well as behavioral biases explain investment style. Finally, an investor's style is explained by life course theory in that experiences, both earlier and later in life, are related to investment style. Investors with adverse macro-economic experiences (e.g. growing up during the Great Depression or entering the labor market during an economic recession) or who grow up in a lower socioeconomic status rearing environment have a stronger value orientation several decades later. Our research contributes a new perspective to the long-standing value and growth debate in finance.

Keywords: Investment behavior , Portfolio choice , Value investing , Growth investing

原文鍊接：http://www.sciencedirect.com/science/article/pii/S0304405X15000495

翻譯：秦秀婷