@TechReport{iza:izadps:dp15018,
            	author={Drerup, Tilman and Wibral, Matthias and Zimpelmann, Christian},
            	title={Skewness Expectations and Portfolio Choice},
            	year={2022},
	month={Jan},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={15018},
            	url={https://www.iza.org/index.php/publications/dp15018},
	abstract={Many models of investor behavior predict that investors prefer assets that they believe to have positively skewed return distributions. We provide a direct test of this prediction in a representative sample of the Dutch population. Using individual-level data on return expectations for a broad index and a single stock, we show that portfolio allocations increase with the skewness of respondents' return expectations for the respective asset, controlling for other moments of a respondents' expectations and sociodemographic information. We also show that while an individuals' expectations are correlated across assets, sociodemographics only capture very little of the substantial heterogeneity in expectations.},
	keywords={stock market expectations;skewness;behavioral finance;portfolio choice},
            }