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...

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Main Authors:	Toshihiko TAKEMURA, Takashi KOZU, Koichi TAKEDA, Toru SUEHIRO
Format:	Article
Language:	English
Published:	Ala-Too International University 2018-05-01
Series:	Eurasian Journal of Business and Economics
Subjects:	Ratio of risk asset holding individual investors Web-based survey Behavioral finance Japan
Online Access:	http://www.ejbe.org/EJBE2018Vol11No21p069TAKEMURA-KOZU-TAKEDA-SUEHIRO.pdf

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spelling	doaj-df7b4010056f4388a1f234faa262b6562020-11-25T01:30:44ZengAla-Too International UniversityEurasian Journal of Business and Economics 1694-59481694-59722018-05-011121698510.17015/ejbe.2018.021.04Positive Analysis on Japanese Individual Investors’ Ratio of Risk Asset HoldingToshihiko TAKEMURA0Takashi KOZU1 Koichi TAKEDA2 Toru SUEHIRO3 Saga UniversityRicoh Institute of Sustainability and BusinessHosei UniversityHosei UniversityIn 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.http://www.ejbe.org/EJBE2018Vol11No21p069TAKEMURA-KOZU-TAKEDA-SUEHIRO.pdfRatio of risk asset holdingindividual investorsWeb-based surveyBehavioral financeJapan
collection	DOAJ
language	English
format	Article
sources	DOAJ
author	Toshihiko TAKEMURA Takashi KOZU Koichi TAKEDA Toru SUEHIRO
spellingShingle	Toshihiko TAKEMURA Takashi KOZU Koichi TAKEDA Toru SUEHIRO Positive Analysis on Japanese Individual Investors’ Ratio of Risk Asset Holding Eurasian Journal of Business and Economics Ratio of risk asset holding individual investors Web-based survey Behavioral finance Japan
author_facet	Toshihiko TAKEMURA Takashi KOZU Koichi TAKEDA Toru SUEHIRO
author_sort	Toshihiko TAKEMURA
title	Positive Analysis on Japanese Individual Investors’ Ratio of Risk Asset Holding
title_short	Positive Analysis on Japanese Individual Investors’ Ratio of Risk Asset Holding
title_full	Positive Analysis on Japanese Individual Investors’ Ratio of Risk Asset Holding
title_fullStr	Positive Analysis on Japanese Individual Investors’ Ratio of Risk Asset Holding
title_full_unstemmed	Positive Analysis on Japanese Individual Investors’ Ratio of Risk Asset Holding
title_sort	positive analysis on japanese individual investors’ ratio of risk asset holding
publisher	Ala-Too International University
series	Eurasian Journal of Business and Economics
issn	1694-5948 1694-5972
publishDate	2018-05-01
description	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.
topic	Ratio of risk asset holding individual investors Web-based survey Behavioral finance Japan
url	http://www.ejbe.org/EJBE2018Vol11No21p069TAKEMURA-KOZU-TAKEDA-SUEHIRO.pdf
work_keys_str_mv	AT toshihikotakemura positiveanalysisonjapaneseindividualinvestorsratioofriskassetholding AT takashikozu positiveanalysisonjapaneseindividualinvestorsratioofriskassetholding AT koichitakeda positiveanalysisonjapaneseindividualinvestorsratioofriskassetholding AT torusuehiro positiveanalysisonjapaneseindividualinvestorsratioofriskassetholding
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Positive Analysis on Japanese Individual Investors’ Ratio of Risk Asset Holding

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