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Stature, Obesity, and Portfolio Choice


George M. Korniotis


University of Miami

Alok Kumar


University of Miami - School of Business Administration

May 7, 2013


Abstract:     
Using multiple U.S. and European data sources, we show that observed physical attributes are related to risk-taking behavior in financial markets. We conjecture that heterogeneity in observed physical attributes can be associated with personality differences that induce relatively taller individuals to take greater financial risks and relatively over-weight individuals to favor less risky investment choices. Consistent with this conjecture, we find that individuals who are tall and of normal weight relative to their peers are more likely to participate in financial markets, and when they participate, they hold riskier financial portfolios. Early childhood experiences and teenage experiences are likely to be the two channels through which height could affect financial decisions.

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Date posted: November 21, 2009 ; Last revised: May 7, 2013

Suggested Citation

Korniotis, George M. and Kumar, Alok, Stature, Obesity, and Portfolio Choice (May 7, 2013). Available at SSRN: http://ssrn.com/abstract=1509173 or http://dx.doi.org/10.2139/ssrn.1509173

Contact Information

George M. Korniotis
University of Miami ( email )
P.O. Box 248094
Coral Gables, FL 33124-6552
United States
305-284-5728 (Phone)
Alok Kumar (Contact Author)
University of Miami - School of Business Administration ( email )
514 Jenkins Building
Department of Finance
Coral Gables, FL 33124-6552
United States
305-284-1882 (Phone)
HOME PAGE: http://moya.bus.miami.edu/~akumar
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