James Choi, Adriana Z. Robertson, 21 October 2018

Economists typically try to infer investors’ motives and beliefs by observing prices, quantities, and choices, but the lack of randomised experiments makes drawing convincing conclusions difficult. This column presents the findings from a different approach – directly asking investors about their motives and beliefs. Rather than a small number of dominant factors, it finds substantial support for many of the leading theories of what drives portfolio equity shares.

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