perceived risk has a positive impact on informal debt decisions, that borrowing sources are primarily from parents and friends …

The preferred risk habitat hypothesis, introduced here, is that individual investors select stocks whose volatilities … are commensurate with their risk aversion. The data, 1995-2000 holdings of over 20,000 clients at a large German broker … volatilities, when stocks are sold they are replaced by stocks of similar volatilities, and the more risk averse customers indeed …