近日，我院教师鲁维洁副教授（院聘）以湖北经济学院为第一署名机构、以共同一作身份与合作者完成的论文“Beauty and stock market participation”在线发表于Journal of Banking & Finance（Volume 155, October 2023）。
Journal of Banking & Finance 由Elsevier出版，主要发表银行与金融等领域的理论和实证论文，期刊收录于SSCI，为国际学术界公认的金融领域的高质量期刊（JCR分区Q2、中科院分区2区、ABS三*），刊物的影响因子为3.7。
Abstract:
This paper investigates whether beauty, an important natural endowment, affects investment decisions. Using data from the Wisconsin Longitudinal Survey (WLS), which provides a photo-based measure of facial beauty, we find that better-looking individuals are more likely to own stocks and invest a larger share of wealth in stocks. We consider a wide range of potential mediators that may drive this relationship between beauty and stock market participation. We find that income and sociability explain a large portion of the beauty effect. For both males and females, beauty has a significant positive impact on stock market participation. Using another dataset that includes the interviewer's rating of the respondent's physical attractiveness, we find similar results. Our study contributes to a better understanding of the economic returns to beauty and the source of heterogeneity in household portfolio choice.
