NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Five Facts About Beliefs and Portfolios

Stefano Giglio, Matteo Maggiori, Johannes Stroebel, Stephen Utkus

NBER Working Paper No. 25744
Issued in April 2019

---- Acknowledgments ----

We thank David Laibson for advice, and for establishing the connection between the academic authors and Vanguard. We thank Klaus Adam, Isaiah Andrews, Nick Barberis, John Campbell, Ben Enke, Emmanuel Farhi, Xavier Gabaix, John Geanakoplos, Nicola Gennaioli, Gary Gorton, Camelia Kuhnen, Yueran Ma, Stefan Nagel, Frank Schilbach, Alexi Savov, Andrei Shleifer, and Jeremy Stein, as well as seminar participants at Yale, NYU Stern, Princeton, Wharton, Baruch, Michigan State, University of Miami, HEC Montreal, Georgetown, Georgia State, and various NBER meetings for useful comments. The authors would also like to thank Catherine Clinton and Sophia Bunyaraksh at Vanguard for their assistance with the survey. Stephen Utkus is employed by Vanguard in a research capacity. Giglio, Maggiori, and Stroebel are unpaid consultants at Vanguard in order to access the anonymized data. Vanguard provided anonymized portfolio and survey data as well as survey research services for this project. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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