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L'effet de l'âge de l'investisseur sur le niveau de risque de son portefeuille

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  • Ariane Chapelle
  • Marie-Paule Laurent
  • Ariane Szafarz

Abstract

Cet article étudie le choix de portefeuille en fonction de l'âge de l’investisseur. Il propose ainsi un abord empirique du débat animé relatif à la pertinence de la diversification temporelle. Grâce à une base de données originale contenant plus de 6000 portefeuilles placés en gestion privée auprès d'une banque belge et ordonnés en 5 niveaux de risque, il montre que la prise de risque décroît de manière significative avec l'âge. La segmentation optimale des investisseurs selon leurs placements fait apparaître 3 classes dont les pivots se situent respectivement à 45 et 65 ans. Le rôle du conseil des banquiers dans la prise de décision est ensuite analysé. Il en ressort que le choix des investisseurs est le plus souvent guidé par les gestionnaires. Une part importante des résultats obtenus semble donc attribuable à la confiance affichée des praticiens vis-à-vis de la diversification temporelle.

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Bibliographic Info

Paper provided by ULB -- Universite Libre de Bruxelles in its series ULB Institutional Repository with number 2013/715.

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Date of creation: 2003
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Publication status: Published in: La Revue du Financier (2003) v.142,p.20-32
Handle: RePEc:ulb:ulbeco:2013/715

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