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- W2183862296 abstract "Modern finance is based upon investors' receiving greater expected returns from undertaking greater risks. However, literature has been well documenting that entrepreneurs undertake greater risks than their returns would justify. In this paper, a new theory is developed to explain this puzzle, where extreme entrepreneurial type of investors hold different risk perception than other regular market investors. Specifically, a heterogeneous CAPM model is derived that investigates how the heterogeneity in the risk perception influences investors' portfolio choices. The theory also provides explanations for other financial puzzles including the size premium puzzle, investors' local bias or home bias puzzle, investor's under-diversification puzzle, and different entrepreneurial behavior patterns in different market regimes." @default.
- W2183862296 created "2016-06-24" @default.
- W2183862296 creator A5041925823 @default.
- W2183862296 date "2012-01-01" @default.
- W2183862296 modified "2023-09-27" @default.
- W2183862296 title "Entrepreneurial Spirit and Asset Allocation from a Risk Perspective" @default.
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