Genetic Variation in Financial Decision-Making

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Genetic Variation in Financial Decision-Making

CESARINI, DAVID; JOHANNESSON, MAGNUS; LICHTENSTEIN, PAUL; SANDEWALL, ÖRJAN; WALLACE, BJÖRN

The Journal of finance (New York), October 2010, Volume: 65, Issue: 5

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Individuals differ in how they construct their investment portfolios, yet empirical models of portfolio risk typically account only for a small portion of the cross-sectional variance. This paper asks whether genetic variation can explain some of these individual differences. Following a major pension reform Swedish adults had to form a portfolio from a large menu of funds. We match data on these investment decisions with the Swedish Twin Registry and find that approximately 25% of individual variation in portfolio risk is due to genetic variation. We also find that these results extend to several other aspects of financial decision-making.

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CESARINI, DAVID | JOHANNESSON, MAGNUS | LICHTENSTEIN, PAUL | SANDEWALL, ÖRJAN | WALLACE, BJÖRN

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