Name: Finance and Economics Discussion Series: Do Behavioral Biases Adversely Affect the Macro-Economy (en Inglés)
Price: 19240.00 CLP
Availability: InStock
Author: Korniotis, George M. ; Kumar, Alok ; United States Federal Reserve Board
ISBN: 9781288707089

portada Finance and Economics Discussion Series: Do Behavioral Biases Adversely Affect the Macro-Economy (en Inglés)

Formato

Libro Físico

Autor

Alok Kumar

United States Federal Reserve Board

George M. Korniotis

Editorial

Bibliogov

Idioma

Inglés

N° páginas

Encuadernación

Tapa Blanda

Dimensiones

24.6 x 18.9 x 0.3 cm

Peso

0.13 kg.

ISBN13

9781288707089

Categorías

Política y gobierno

Finance and Economics Discussion Series: Do Behavioral Biases Adversely Affect the Macro-Economy (en Inglés)

Alok Kumar (Autor) · United States Federal Reserve Board (Autor) · George M. Korniotis (Autor) · Bibliogov · Tapa Blanda

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Reseña del libro "Finance and Economics Discussion Series: Do Behavioral Biases Adversely Affect the Macro-Economy (en Inglés)"

This study investigates whether the adverse effects of investors' behavioral biases extend beyond the domain of financial markets to the broad macro-economy. We focus on the risk sharing (or income smoothing) role of financial markets and demonstrate that risk sharing levels are higher in U.S. states in which investors have higher cognitive abilities and exhibit weaker behavioral biases. Further, states with better risk sharing opportunities achieve higher levels of risk sharing if investors in those states exhibit greater financial sophistication. Among the various determinants of risk sharing, behavioral factors have the strongest effects. The average level of risk sharing in states with unsophisticated investors (= 0.121) is less than half of the average risk sharing level in states with financially sophisticated investors (= 0.308). Collectively, our evidence indicates that the high risk sharing potential of financial markets is not fully realized because the aggregate behavioral biases of individual investors impede state-level risk sharing.