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Portfolio Choice and Mental Health

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  • Vicki L. Bogan
  • Angela R. Fertig
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    Abstract

    Close to 30% of the US population experiences at least one mental or substance abuse disorder each year. Given the prevalence of mental health issues, this paper analyzes the role of mental health and cognitive functioning in household portfolio choice decisions. Generally, we find that households affected by mental health issues decrease investments in risky instruments. Various mental health issues can reduce the probability of holding risky assets by up to 19%. Moreover, single women diagnosed with psychological disorders increase investments in safe assets. We also find that cognitive functioning issues are associated with an increase in financial assets devoted to retirement accounts. Copyright 2013, Oxford University Press.

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    Bibliographic Info

    Article provided by European Finance Association in its journal Review of Finance.

    Volume (Year): 17 (2013)
    Issue (Month): 3 ()
    Pages: 955-992

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    Handle: RePEc:oup:revfin:v:17:y:2013:i:3:p:955-992

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    Cited by:
    1. Melissa McInerney & Jennifer M. Mellor & Lauren Hersch Nicholas, 2013. "Recession Depression: Mental Health Effects of the 2008 Stock Market Crash," CESifo Working Paper Series 4263, CESifo Group Munich.
    2. Deborah A. Cobb-Clark & Sonja C. Kassenboehmer & Mathias G. Sinning, 2014. "Locus of Control and Savings," Discussion Papers Series 498, School of Economics, University of Queensland, Australia.

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