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Religion groups and portfolio choice decisions: Evidence from UK households

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  • Apergis, Nicholas

Abstract

The paper explores the effects of different religion groups on portfolio investment decisions for the case of UK households both in terms of mean and the volatility of such choices. The findings illustrate that certain groups (Catholics, Buddhists and Others/Atheists) favor investments in risky assets, while they increase the associated volatility. The results support the undertaking of higher speculative risk by those groups, while they provide information on a new factor for portfolio choice.

Suggested Citation

  • Apergis, Nicholas, 2023. "Religion groups and portfolio choice decisions: Evidence from UK households," Finance Research Letters, Elsevier, vol. 54(C).
    • Handle: RePEc:eee:finlet:v:54:y:2023:i:c:s1544612323001241
    DOI: 10.1016/j.frl.2023.103751
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    More about this item

    Keywords

    Religion groups; Portfolio choice; UK households; Panel GARCH;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models

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