Positive Analysis on Japanese Individual Investors’ Ratio of Risk Asset Holding
In this article, we investigate the determinants of risk asset holding ratio using micro data collected from a Web-based survey. The findings of the current study indicate that, (1) factors such as subjective excess return, overconfidence and time discount rate make positive effects on the ratio...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Ala-Too International University
2018-05-01
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| Series: | Eurasian Journal of Business and Economics |
| Subjects: | |
| Online Access: | http://www.ejbe.org/EJBE2018Vol11No21p069TAKEMURA-KOZU-TAKEDA-SUEHIRO.pdf |
| Summary: | In this article, we investigate the determinants of risk asset holding ratio using
micro data collected from a Web-based survey. The findings of the current study
indicate that, (1) factors such as subjective excess return, overconfidence and time
discount rate make positive effects on the ratio of any risk asset holding (factor
such as informal information sources make a negative effect), but the effects of
other factors in our model vary with the type of the risk assets. Especially, the
information sources used in investments make different effects on each type of the
risk assets. (2) Psychological factors such as overconfidence and time discount rate
used in behavioral finance increase the ratio of the any risk asset holding. |
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| ISSN: | 1694-5948 1694-5972 |