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

  • Ariane Chapelle
  • Marie-Paule Laurent
  • Ariane Szafarz

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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Paper provided by ULB -- Universite Libre de Bruxelles in its series Working Papers CEB with number 03-006.RS.

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Length: 16 p.
Date of creation: Mar 2003
Date of revision:
Publication status: Published by: Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB)
Handle: RePEc:sol:wpaper:03-006
Contact details of provider: Postal: CP114/03, 42 avenue F.D. Roosevelt, 1050 Bruxelles
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