Who are the Value and Growth Investors?
Date: March 14, 2014
Time: 10:00 am - 11:30 am
Location: Room 002
This paper investigates the characteristics of value and growth investors in a large administrative panel of Swedish residents over the 1999-2007 period. We document that value investors have higher financial and real estate wealth, lower leverage, lower income risk, and are more likely to be female than the average growth investor. Individual investors actively migrate to value stocks over the life-cycle and, at higher frequencies, dynamically offset the passive variations in the value tilt induced by market movements. We verify that these results are not driven by cohort effects, biases toward professionally close stocks, or unobserved heterogeneity in preferences.
For more information, please contact Karen Robertson at: karen.robertson [at] mcgill.ca.