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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2019

Molecular Genetics Risk Aversion Return Perceptions and Stock Market Participation

Laura STARKS, Richard SIAS, H. J. TURTLE
We show that molecular variation in DNA related to cognition, personality, health, and body shape, predicts an individual’s equity market participation and risk aversion. Moreover, the molecular genetic endowments predict individuals’ return perceptions, most of which we find to be strikingly bi...
Keywords: Molecular genetics, stock market participation, risk aversion, genetic endowments
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Annual Conference

|

Investment Finance, Senior Fellows/Fellows

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May 2014

Who are the Sentiment Traders? Evidence from the Cross-section of Stock Returns and Demand

Laura STARKS, Luke DEVAULT, Richard SIAS
Recent work suggests that sentiment traders shift from safer to more speculative stocks when sentiment increases. Given that the market clearing condition requires a buyer for every seller, we exploit these cross-sectional patterns and changes in share ownership to test whether investor sentiment me...
Keywords: Stock Returns, sentiment, demand shocks, mispricing
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