What Drives Variation in Investor Portfolios? Estimating the Roles of Beliefs and Risk Preferences

We thank Vivek Bhattacharya, John Beshears, John Campbell, Xavier Gabaix, Sam Hanson, David Laibson, Erik Loualiche, Maarten Meeuwis, Stavros Panageas, Andrei Shleifer, Paolo Sodini, Adi Sunderam, Kairong Xiao, Motohiro Yogo, and seminar and conference participants at Harvard Business School, Indiana University, Johns Hopkins Carey Business School, Micro and Macro Implications of Household Behaviour and Financial Decision-Making Seminar, NBER Asset Pricing Meetings, Oklahoma State University, Southern Methodist University, the Einaudi Institute for Economics and Finance, the Stanford Institute for Theoretical Economics, the University of Mannheim, the University of Minnesota Corporate Finance Conference, the University of North Carolina Roundtable for Junior Faculty in Finance, the University of Texas, the University of Toulouse, the Western Finance Association Meetings, and the Workshop on Financial Intermediation and Regulation at Queens University. The authors gratefully acknowledge financial support from the Division of Research of the Harvard Business School. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• December 21, 2021
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