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A1b Assessing the Association between Equity Portfolio Holdings and the Miscalibration of Financial Risk Tolerance
Key Words
risk tolerance, overconfidence, estimation bias, calibration of risk tolerance, miscalibration
Short Description
The purpose of this study was to determine how well investors are able to estimate their financial risk tolerance and to determine if categories of financial risk-tolerance miscalibration are associated with investment risk taking. Using data from a panel study of 408 investors, it was determined that 22% of study participants underestimated their risk tolerance, whereas 28% overestimated their risk tolerance. It was further ascertained that those who exhibited an overestimation bias held more equites in their portfolios in comparison to those who either underestimated or accurately estimated their willingness to take financial risk. Household income, wealth status, and education were also found to be predictors of future equity holdings.