Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments May 2, 2023 erstellt
Beschreibung:
Using earthquake exposure during pregnancy as a proxy for in utero insult, we examine the impact of prenatal stress on investment decisions during adulthood. We find that investors exposed to major earthquakes in utero participate less in the stock market and hold less diversified portfolios, compared with investors born immediately before the earthquakes. Earthquake exposure in the third trimester of pregnancy has stronger impact, and female investors exhibit greater sensitivity to in utero insults. In contrast, the adverse impact of earthquake exposure is weaker among individuals who are exposed to extreme in utero insults, as surviving babies are likely to have superior characteristics