Investenetics
A study by Amir Barnea, Henrik Cronqvist and Stephan Siegel (”Nature or Nurture: What Determines Investor Behavior?“), based on characteristics for approximately 40,000 identical and non-identical twins from the Swedish Twin Registry and associated investing data for the period 1998-2006, concludes that genetics explain up to 45% of individual variation in stock market participation, asset allocation and portfolio risk choices.
Genetic influence is robust to differences in age, education and net worth. Genetics explain more of the variation in individual investing behavior than does an extensive set of individual characteristics combined.
Family environment has an effect on the investing behavior of younger individuals, but this effect disappears as they acquire non-family experiences.