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A Cross Cultural Test of Financial Risk Tolerance Attitudes: Brazilian and American Similarities and Differences

Liana Holanda N. Nobre, John E. Grable, Wesley Vieira da Silva and Claudimar Pereira da Veiga
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Liana Holanda N. Nobre: Federal Rural University of the Semiarid Region - UFERSA, Brazil,
John E. Grable: University of Georgia, USA
Wesley Vieira da Silva: Pontifical Catholic University of Paraná - PUCPR, Brazil,
Claudimar Pereira da Veiga: Pontifical Catholic University of Paraná - PUCPR, Brazil

International Journal of Economics and Financial Issues, 2016, vol. 6, issue 1, pages 314-322

Abstract: The purpose of this study was to examine the extent to which risk-tolerance attitudes differ between a sample of Brazilians and Americans (N=620). Based on the use of a variety of statistical methodologies, including regression, factor, and discriminant analysis. The results indicate that Americans were more apt to engage in a speculative gamble and they were less likely to hold bonds as a safe asset. Overall, both Brazilian and American female respondents exhibited lower risk-tolerance scores; however, no age or marital status differences were noted. The results from this analysis show that cultural differences exist between Brazilians and Americans in terms of financial risk-tolerance attitudes.

Keywords: Risk Tolerance; Cross Cultural; Financial Risk (search for similar items in EconPapers)
JEL-codes: G1 M1 (search for similar items in EconPapers)
Date: 2016
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