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Your search keyword '"Korniotis, George M."' showing total 94 results
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94 results on '"Korniotis, George M."'

1. Industry Clusters and the Geography of Portfolio Choice.

Author

Addoum, Jawad M., Delikouras, Stefanos, Ke, Da, and Korniotis, George M.

Subjects
HOUSEHOLDS, INDUSTRIAL clusters, GEOGRAPHY, INVESTMENT risk, INCOME, LABOR market
Abstract

Using detailed data on U.S. households' locations, employment, and financial portfolios, we document that individuals employed in locally clustered industries are more likely to invest in risky assets. This pattern is strongest among individuals with high labor income, employed in skilled occupations, and with strong cognitive skills. Our overall evidence suggests the relation between industry clusters and investment decisions is best explained by clusters enhancing human capital among local industry workers, in turn amplifying their effective risk tolerance. Our findings highlight the important role of local labor market composition in generating household portfolio patterns within and across geographies. [ABSTRACT FROM AUTHOR]

Published
2024
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4. Inflation, Monetary Policy, and Portfolio Decisions of U.S. Households.

Author

Bonaparte, Yosef, Korniotis, George M., Kumar, Alok, and Vosse, Melina

Subjects
INTEREST rates, ASSET allocation, STOCKBROKERS, PORTFOLIO management (Investments), INVESTORS
Abstract

We study the impact of monetary policy changes on portfolio decisions of U.S. households. Contrary to the predictions of canonical portfolio choice models, interest rate increases are related to increased equity ownership and larger wealth allocations to risky assets. Inflation hedging is a likely explanation for these findings. Interest rates have a stronger impact on the equity exposure of households that experience higher inflation, especially those with greater inflation awareness and potentially stronger hedging motives. Using household portfolios at a large discount brokerage house, we provide direct evidence that investors with greater inflation sensitivity overweight stocks with high hedging potential. This paper was accepted by Camelia Kuhnen, finance. Supplemental Material: The data files are available at https://doi.org/10.1287/mnsc.2023.02197. [ABSTRACT FROM AUTHOR]

Published
2024
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28. Investor sophistication and asset prices.

Author

Korniotis, George M., Kumar, Alok, and Page, Jeremy K.

Subjects
INVESTORS, INDIVIDUAL investors, ASSETS (Accounting)
Abstract

We show that geographical variation in the level of investor sophistication influences local asset prices. Investors in less sophisticated regions exhibit stronger trading correlations, and correspondingly, the returns of firms headquartered in less sophisticated areas are more strongly correlated. Furthermore, we show that local economic conditions have a greater ability to predict local stock returns in the U.S. states with less sophisticated retail investors. These asset pricing results are driven by the sophistication of actual local investors, and not by the characteristics of the broader local population. [ABSTRACT FROM AUTHOR]

Published
2020
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48. Local Liquidity

Author

Bernile, Gennaro, primary, Korniotis, George M., additional, Kumar, Alok, additional, and Wang, Qin, additional

Published
2012
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