Jack Bogle (1929–2019)

RIP

Bloomberg writes:

Bogle founded Valley Forge, Pennsylvania-based Vanguard in 1974. Investors attracted to its low fees helped the firm overtake American Funds, managed by Los Angeles-based Capital Group Inc., in 2008 as the biggest U.S. stock and bond fund manager. Vanguard has $4.9 trillion in assets under management.

via Vanguard, N.Y. Times, CNN, Wash. Post, NPR, Wall St. J., Reuters, Time, Bloomberg, Market Watch, Fin. Times, Fortune, Forbes, WSJ, WSJ, WSJ, WSJ, WSJ

The free dividend fallacy could be costing you

  • The free dividend fallacy could be costing you

We show that many individual investors, mutual funds and institutions trade as if dividends and capital gains are separate disconnected attributes, not fully appreciating that dividends come at the expense of price decreases. Behavioral trading patterns (e.g. the disposition eect) are driven by price changes excluding dividends. Investors treat dividends as a separate stable income stream, holding high dividend-yield stocks longer and displaying less sensitivity to their price changes. Demand for dividends is systematically higher in periods of low interest rates and poor market performance, leading to high valuations and lower future returns for dividend-paying stocks. Investors rarely reinvest dividends into the stocks from which they came, instead purchasing other stocks. This creates predictable marketwide price increases on days of large aggregate dividend payouts, concentrated in stocks not paying dividends.

ナッジの法政策への利用

法学者によって行動経済学について書かれた論文として,尾崎安央「『行動経済学に基づく法と経済学』と会社法制—公開型株式会社における株主像を検討するにあたって—」尾崎安央=川島いづみ編『石山卓磨先生上村達男先生還暦記念論文集比較企業法の現在—その理論と課題』241頁(成文堂 ,2011)があります。その中で,Richard H. Thaler & Cass R. Sunstein, Nudge: Improving Decisions About Health, Wealth, and Happiness (update ed. 2009)1 が言及されています2

続きを読む

  1. 邦訳は,リチャード・セイラー=キャス・サンスティーン(遠藤真美訳)『実践行動経済学 健康、富、幸福への聡明な選択』(日経BP社,2009) []
  2. 尾崎安央「『行動経済学に基づく法と経済学』と会社法制—公開型株式会社における株主像を検討するにあたって—」尾崎安央=川島いづみ編『石山卓磨先生上村達男先生還暦記念論文集比較企業法の現在—その理論と課題』241頁,260頁注22(成文堂 ,2011)(引用省略)。 []