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- Title
An empirical investigation of personal financial risk tolerance.
- Authors
Hallahan, Terrence A.; Faff, Robert W.; McKenzie, Michael D.
- Abstract
We analyze a large database of psychometrically derived financial risk tolerance scores (RTS) and associated demographic information. We find that people's self-assessed risk tolerance generally accords with RTS. Furthermore, we find that gender, age, number of dependents, marital status, income, and wealth are significantly related to the RTS. Notably, the relationship between age and risk tolerance exhibits a significant nonlinear structure.
- Subjects
RISK assessment; RISK management in business; PERSONAL finance; FINANCE; DATABASES
- Publication
Financial Services Review, 2004, Vol 13, Issue 1, p57
- ISSN
1057-0810
- Publication type
Article