%0 Report
        %A Drerup, Tilman
%A Wibral, Matthias
%A Zimpelmann, Christian
        %T Skewness Expectations and Portfolio Choice
        %D 2022
        %8 2022 Jan
        %I Institute of Labor Economics (IZA)
        %C Bonn
        %7 IZA Discussion Paper
        %N 15018
        %U https://www.iza.org/publications/dp15018
        %X 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.
        %K stock market expectations
%K skewness
%K behavioral finance
%K portfolio choice