Using proprietary financial data on millions of households, we show that likely-Republicans increased the equity share and market beta of their portfolios following the 2016 presidential election, while likely-Democrats rebalanced into safe assets. We provide evidence that this behavior was driven by investors interpreting public information based on different models of the world. We use detailed controls to rule out the main nonbelief-based channels such as income hedging needs, preferences, and local economic exposures. These findings are driven by a small share of investors making big changes, and are stronger among investors who trade more ex ante.

中文翻译：

---

信念分歧和投资组合选择

我们使用数百万家庭的专有财务数据显示，可能的共和党人在 2016 年总统大选后增加了其投资组合的股票份额和市场贝塔系数，而可能的民主党人则重新平衡到安全资产。我们提供的证据表明，这种行为是由投资者根据世界的不同模型解释公共信息所驱动的。我们使用详细控制来排除主要的非基于信念的渠道，例如收入对冲需求、偏好和当地经济风险敞口。这些发现是由一小部分做出重大改变的投资者推动的，并且在事前交易更多的投资者中更为强大。