Loyalty-Based Portfolio Choice

By Lauren H. Cohen. 2009

160 citations recorded by the source corpus.

Subfields: Accounting, Demography, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/0384d02419c6f1fae74c205b5e731aa02abddfe3

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Citations in the corpus

The Role of Stock Ownership by US Members of Congress on the Market for Political Favors (2014, unknown): “…preferences to invest more in some stocks; for example, because they are more familiar with these stocks (e.g., Huberman 2001), prefer to invest in firms that are located in the same geographical area (Coval and Moskowitz 1999), or have emotional ties or feelings of loyalty to a firm (Cohen 2009).”
Incentives, Targeting and Firm Performance: An Analysis of Non-Executive Stock Options (2010, result): “First, our results are robust to including controls for corporate governance policies, such as the governance index of Gompers, Ishii, and Metrick (2003) and the entrenchment index of Bebchuk, Cohen, and Ferrell (2009), as well as below- or above-median levels of these indices.”
The entrepreneurial finance markets of the future: a comparison of crowdfunding and initial coin offerings (2020, background): “Cohen (2008) reveals that individuals’ portfolio choices are largely determined by their loyalty to their employers and related corporations.”
Taste, information, and asset prices: implications for the valuation of CSR (2016, unknown): “Cohen (2009) finds that employee loyalty influences individuals’ portfolio preferences in favor of holding their employers’ stock.”
Chapter 21 - Household Finance: An Emerging Field∗ (2013, unknown): “or seek financial advice (Bucher-Koenen and Koenen, 2010; Georgarakos and Inderst, 2011; Guiso and Jappelli, 2006; HHJ (2011)).”
Keynes Meets Markowitz: The Tradeoff Between Familiarity and Diversification (2009, unknown): “These include: the presence of fixed transactions costs (Brennan, 1975), awareness about only a subset of the available stocks (Merton, 1987), investors’ preference for skewness (Kraus and Litzenberger, 1976; Conine and Tamarkin, 1981; Harvey and Siddique, 2000; Mitton and Vorkink, 2007; Barberis an”
Is the crowd sensitive to distance?—how investment decisions differ by investor type (2017, unknown): “Research suggests that home bias persists for investments made by sophisticated financial intermediaries, such as mutual fund managers, hedge fund managers, and VCs, as well as by retail investors (see Coval and Moskowitz 1999; Grinblatt and Keloharju 2001; Feng and Seasholes 2004; Chan et al. 2005;”
Employee Ownership and Firm Disclosure (2015, background): “13 Estimates from a sample of 401(k) plans assessed in Cohen (2009) suggest that average 401(k) investments in company stock funds as a percentage of total plan assets equal 17.”
The Common Factor in Idiosyncratic Volatility: Quantitative Asset Pricing Implications (2014, methodology): “Benartzi (2001), Cohen (2009), and Van Nieuwerburgh and Veldkamp (2006) show that non-manager employees also tend to overallocate wealth to equity of their employer and offer behavioral or information-based interpretations for this phenomenon.22 Firm-specific human capital (Becker 1962) is a second…”
Entrepreneurial Finance and Moral Hazard: Evidence from Token Offerings (2020, background): “They show that loyalty emerges automatically within randomly assigned groups, with the effect being more pronounced for relatively important groups (such as investors from the perspective of the CEO) (for a review, see Cohen, 2008).”