Individual investor’s asset allocation.
碩士 === 輔仁大學 === 管理學研究所 === 95 === In this study we use a valuable dataset provided by a renowned fund house covering VIP investors in the sampling period to investigate individual portfolio allocation in risky assets using equity fund investment as the proxy of risky asset and time deposit as the pr...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2007
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| Online Access: | http://ndltd.ncl.edu.tw/handle/30206369466782020690 |
| Summary: | 碩士 === 輔仁大學 === 管理學研究所 === 95 === In this study we use a valuable dataset provided by a renowned fund house covering VIP investors in the sampling period to investigate individual portfolio allocation in risky assets using equity fund investment as the proxy of risky asset and time deposit as the proxy of risk-free asset. We further investigate whether individual characteristics and economic issues are related to individual asset allocation.
The result shows that male and young investors allocate a higher proportion in risky assets than female and old investors. The result sustains when using alternative definitions of risky versus risk free asset in calculating the risk ratio. Moreover, we find that the volatility of Asian stock markets that are geographically adjacent to Taiwan is positively correlated to the risk ratio while the volatility of the U.S. and European stock markets are negatively correlated to risk ratio.
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