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Author: Kumar, Alok

Resulting in 3 citations.

1.	Addoum, Jawad M. Korniotis, George M. Kumar, Alok
1.	Stature, Obesity, and Portfolio Choice Management Science 63,10 (October 2017): 3393-3413. Also: https://doi.org/10.1287/mnsc.2016.2508 Cohort(s): NLSY79 Publisher: Institute for Operations Research and the Management Sciences Keyword(s): Assets; Cross-national Analysis; Financial Behaviors/Decisions; Financial Investments; Health and Retirement Study (HRS); Height; Obesity Permission to reprint the abstract has not been received from the publisher. Using multiple U.S. and European data sources, we show that observed physical attributes are related to participation in financial markets. Specifically, we find that individuals who are relatively tall and of normal weight are more likely to hold stocks in their financial portfolios. We consider several potential mechanisms that could drive the relation between physical attributes and portfolio decisions. We find that teenage social experiences as well as genetic and prenatal endowments that are fixed at birth are the two channels through which height affects financial decisions. Furthermore, we find that the relation between body mass index and portfolio decisions is largely driven by education and race.
	Bibliography Citation Addoum, Jawad M., George M. Korniotis and Alok Kumar. "Stature, Obesity, and Portfolio Choice." Management Science 63,10 (October 2017): 3393-3413.

2.	Bonaparte, Yosef Bazley, William J. Korniotis, George M. Kumar, Alok
2.	Discrimination, Social Risk, and Portfolio Choice Working Paper, Social Science Research Network, November 2016. Also: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2863351 Cohort(s): NLSY79 Publisher: Social Science Electronic Publishing, Inc. Keyword(s): Discrimination, Racial/Ethnic; Discrimination, Sex; Financial Behaviors/Decisions; Financial Investments; Risk-Taking Permission to reprint the abstract has not been received from the publisher. This study examines whether social discrimination affects the risk perceptions and, subsequently, the investment decisions of individual investors. We conjecture that minority groups such as gays/lesbians, African Americans, and women, who are more likely to experience discrimination, over-estimate their risk exposures (i.e., they experience social risk) and invest more cautiously. Consistent with our conjecture, we find that minorities with high social risk participate less in the stock market and allocate a lower proportion of their wealth to risky assets. These results indicate that non-financial risks, such as social risk, influence financial risk-taking behavior of U.S. households.
	Bibliography Citation Bonaparte, Yosef, William J. Bazley, George M. Korniotis and Alok Kumar. "Discrimination, Social Risk, and Portfolio Choice." Working Paper, Social Science Research Network, November 2016.

3.	Bonaparte, Yosef Korniotis, George M. Kumar, Alok
3.	Income Hedging and Portfolio Decisions Working Paper, Social Science Research Network, July 2013. Also: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2172846 Cohort(s): NLSY79 Publisher: Social Science Electronic Publishing, Inc. Keyword(s): Assets; Financial Behaviors/Decisions; Financial Market Participation; Income Risk; Risk-Taking Permission to reprint the abstract has not been received from the publisher. We examine whether the decision to participate in the stock market and other related portfolio decisions are influenced by income hedging motives. Economic theory predicts that the market participation propensity should increase as the correlation between income growth and stock market returns decreases. Surprisingly, empirical studies find limited support for the income hedging motive. Using a rich, unique Dutch dataset and the NLSY data from the U.S., we show that when the income-return correlation is low, individuals exhibit a greater propensity to participate in the market and allocate a larger proportion of their wealth to risky assets. Even when the income risk is high, individuals exhibit a higher propensity to participate in the market when the hedging potential is high. These findings suggest that income hedging is an important determinant of stock market participation and asset allocation decisions.
	Bibliography Citation Bonaparte, Yosef, George M. Korniotis and Alok Kumar. "Income Hedging and Portfolio Decisions." Working Paper, Social Science Research Network, July 2013.

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