Universität zu Köln

Betzer, Andre, Limbach, Peter ORCID: 0000-0001-9914-7771, Rau, P. Raghavendra and Schuermann, Henrik (2021). Till death (or divorce) do us part: Early-life family disruption and investment behavior. J. Bank Financ., 124. AMSTERDAM: ELSEVIER. ISSN 1872-6372

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Abstract

We document a long-lasting association between a common societal phenomenon, early-life family disruption, and investment behavior. Controlling for socioeconomic status and family background, we find fund managers who experienced the death or divorce of their parents during childhood exhibit a stronger disposition effect, take lower risk, and are more likely to sell their holdings following risk-increasing firm events. The results are consistent with persistent symptoms of post-traumatic stress and strengthen as treatment intensifies. The evidence adds to our understanding of the role of social factors and nurture in finance as well as the origin of investment biases. (c) 2021 Elsevier B.V. All rights reserved.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Betzer, Andre UNSPECIFIED UNSPECIFIED UNSPECIFIED Limbach, Peter UNSPECIFIED orcid.org/0000-0001-9914-7771 UNSPECIFIED Rau, P. Raghavendra UNSPECIFIED UNSPECIFIED UNSPECIFIED Schuermann, Henrik UNSPECIFIED UNSPECIFIED UNSPECIFIED
URN:	urn:nbn:de:hbz:38-582047
DOI:	10.1016/j.jbankfin.2021.106057
Journal or Publication Title:	J. Bank Financ.
Volume:	124
Date:	2021
Publisher:	ELSEVIER
Place of Publication:	AMSTERDAM
ISSN:	1872-6372
Language:	English
Faculty:	Unspecified
Divisions:	Unspecified
Subjects:	no entry
Uncontrolled Keywords:	Keywords Language Business, Finance; Economics Multiple languages
URI:	http://kups.ub.uni-koeln.de/id/eprint/58204