Using data for about 50,000 actual household investment accounts, we document that financial advice reduced investors’ tendency to leave the stock market during the market crash of 2008 and had a positive correlation with their decisions to return to the market. In addition, we provide a comprehensive analysis of the role of investors' economic and demographic characteristics in their decision to sell all of their portfolio securities, or in contrast, to hold or even increase the value of their portfolio. Finally, we find that being divorced increases the probability of leaving the market, while singles are less likely to leave the market during a crisis.

中文翻译：

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不良市场条件下投资者的个人特征和交易决策

使用大约 50,000 个实际家庭投资账户的数据，我们记录了财务建议减少了投资者在 2008 年市场崩盘期间离开股市的倾向，并与他们重返市场的决定呈正相关。此外，我们全面分析了投资者的经济和人口特征在他们决定出售其所有投资组合证券，或者相反，持有甚至增加其投资组合价值时所起的作用。最后，我们发现离婚增加了离开市场的可能性，而单身人士则不太可能在危机期间离开市场。