Skillnader i kvinnor och mäns investeringsbeteende : Svenska aktieinvesterares psykologiska bias, aktiepreferenser och dess långsiktiga konsekvenser

Sammanfattning: The purpose of this thesis is to analyze differences between stock preferences of women and men in Sweden and analyze what portfolio characteristics and long-term effects that are revealed by investing in the stocks than men and women prefer. To fulfill the purpose of the thesis, two fictious portfolios have been created which are based on data from the reports “Aktieägandet i Sverige” by Euroclear. These reports present the favorite stocks of Swedish men and women by presenting stock top charts between the years 2017- 2021, and the data covers the total stock investing Swedish population. The fictious portfolios have been assigned to two fictious investors, Alice, and Adam, to enable analysis of the investment behavior and the portfolio’s performance on an aggregate level.   Alice’s and Adam’s portfolios are evaluated by using risk- and portfolio management measures, and the investment behavior is evaluated through measures previously presented in research within behavioral economics. The analysis is conducted by combining classic financial theory and previous research within behavioral economics to evaluate investment behavior from the perspective of portfolio theory.   The results show that the investment behavior differs between Swedish men and women, considering both stock preferences and investment strategy. Men tend to have a higher preference for risk than women and are more active when managing their portfolio. Women tend to invest more long-term and manages their portfolio in a more passive manner. Women also tend to invest in value stocks with dividends, while men invest in growth stocks. The investment strategy of men demonstrates a betting element which leads to a high total and non-systematic risk exposure. The consequences of the investment strategies long-term indicates that women obtain a more stable return due to lower volatility in their portfolio, while the higher non-systematic risk exposure and turn-over rate in men’s portfolio indicates that their return will be more volatile over time.   The results confirm, to a great extent, previous research on the differences between the investment behavior of women and men on an individual level. Based on new observations we conclude that a limited rational behavior does not always equal a higher risk exposure in the portfolio as it can also lower the level of risk. In addition, based on the analysis, we can conclude that men tend to invest more unethical than women.