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Their research indicated that under-diversification is positively related to the following attributes: youth, lower income, less education, overconfidence, trend following, local bias, and risk tolerance as indicated for preferences for volatility and skewness.
A study by Dorn and Haberman (2005) of German discount broker cus- tomers found similar factors associated with under-diversification, including self-reported risk tolerance, less experience, less knowledge about financial securities, youth, and being male.
There is some evidence that in the case of bias toward geographically local stocks, and also for a subset of more wealthy, experienced and knowl- edgeable investors, lack of diversification is associated with higher returns, possibly reflecting better information or investment skill.2 However, for the bulk of investors, under-diversification is associated with lower returns.
Perhaps the most surprising under-diversification occurs in context of failing to diversify one's employment or business-related risks, typically rel- atively large, with one's investment holdings.
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