Determinants of Relative Risk Aversion: The case of Thai High Net Worth Investor


  • Worapong Joungrattanakamjorn Assumption University
  • Nopphon Tangjitprom


Relative Risk Aversion, Demographics, High Net Worth Investor, Thailand


To add the empirical evidence of the relationship between wealth and relative risk aversion, this paper studies the proportion of holding risky assets for a special group of investor who is considered as High Net Worth Investors (HNWs) in Thailand. Also, the demographic characteristics of investors are determined the effects on relative risk aversion. OLS technique is utilized to find significant relationship among variables and mean different test is also used to compared average proportional risky assets holding among sample characteristics. Results pointe to decreasing relative risk aversion and the demographic characteristics as age, sex, income, and occupation related to weight of risky assets in portfolio. When the definition of wealth is defined to either only financial assets or financial assets less value of debt from total aggregated wealth, the finding on relative risk aversion were also presented decreasing relative risk aversion across investors.


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How to Cite

Joungrattanakamjorn, W., & Tangjitprom, N. (2019). Determinants of Relative Risk Aversion: The case of Thai High Net Worth Investor. Business Administration and Management Journal Review, 11(2), 135–156. Retrieved from



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