TIME Magazine Features Research on Spending Habits by CMC’s Cronqvist
For TIME Magazine’s Oct. 6, 2011 Moneyland section, writer Dan Kadlec devoted an entire page to a recent study by CMC professor Henrik Cronqvist and Stephan Siegel, a finance professor at the University of Washington’s business school, that discovered genetics is what strongly drives investment behavior.
“Now I get it,” writes Kadlec, in his article for TIME. “We can’t help ourselves. When it comes to spending and saving, we are genetically wired to be what we are, and there isn’t a lot anyone can do about it.” (Read Kadlec’s full piece, Born to Spend or Save: It’s All in Your Genes).
Cronqvist says that in addition to TIME, a few other news outlets also recently picked up on this research. For example, AdvisorOne, a magazine for professional financial advisors, devoted a full page to their study: Genetics Single Greatest Determinant of Financial Behavior. And Canada’s CBC News also featured the research in its article, Are You a Saver or a Spender?
Cronqvist is the McMahon Family Associate Professor of Corporate Finance and a George Roberts Fellow at CMC.
This work is part of a large and ongoing research agenda. At the time of the release of a first study in 2009, Nature or Nurture: What Determines Investor Behavior?, CMC previewed the findings online, and aired a more in-depth piece for CMC-IQ.
In November 2010, Cronqvist also presented the findings during a talk at the Athenaeum: Nature, Nurture and Financial Decision Making. His videotaped presentation can be viewed online by scrolling alphabetically to his last name.