The DOI matches its Crossref record; 7 of the 7 references it cites were found in a registry or an index.
Belief Disagreement and Portfolio Choice
Abstract
Using proprietary financial data on millions of households, we show that likely‐Republicans increased the equity share and market beta of their portfolios following the 2016 presidential election, while likely‐Democrats rebalanced into safe assets. We provide evidence that this behavior was driven by investors interpreting public information based on different models of the world. We use detailed controls to rule out the main nonbelief‐based channels such as income hedging needs, preferences, and local economic exposures. These findings are driven by a small share of investors making big changes, and are stronger among investors who trade more ex ante.
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Cites
Depression Babies: Do Macroeconomic Experiences Affect Risk-Taking?
Malmendier, U., & Nagel, S. (2011) · The Quarterly Journal of Economics · doi:10.1093/qje/qjq004 · Cited by 2,480
Beyond the Running Tally: Partisan Bias in Political Perceptions
Bartels, L. M. (2002) · Political Behavior · doi:10.1023/a:1021226224601 · Cited by 1,468
Down or Out: Assessing the Welfare Costs of Household Investment Mistakes
Calvet, L. E., Campbell, J. Y., & Sodini, P. (2006) · SSRN Electronic Journal · doi:10.2139/ssrn.881768 · Cited by 1,081
Importing Political Polarization? The Electoral Consequences of Rising Trade Exposure
Autor, D., Dorn, D., Hanson, G., & Majlesi, K. (2020) · American Economic Review · doi:10.1257/aer.20170011 · Cited by 1,063
Red and blue investing: Values and finance
Hong, H., & Kostovetsky, L. (2012) · Journal of Financial Economics · doi:10.1016/j.jfineco.2011.01.006 · Cited by 749
Bias in Cable News: Persuasion and Polarization
Martin, G. J., & Yurukoglu, A. (2017) · American Economic Review · doi:10.1257/aer.20160812 · Cited by 666
Prior, M., Sood, G., & Khanna, K. (2015) · Quarterly Journal of Political Science · doi:10.1561/100.00014127 · Cited by 418
Metadata
- Authors
- MEEUWIS, M., PARKER, J. A., SCHOAR, A., & SIMESTER, D.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2022-10-12
- Volume
- 77
- Issue
- 6
- Pages
- 3191-3247
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3146743633
- Cited by
- 195
- References
- 7
- FWCI
- 23.29
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
