This paper studies the intergenerational effects on human capital accumulation and inequality. I build a general equilibrium model with heterogeneous agents and intergenerational links. The results show that the bequeathed initial wealth, rather than the ability of acquiring human capital, is...

In this paper, we study the relationship between stock fund managers’ facial attractiveness and fund outcomes. Utilizing the state-of-art deep learning technique to quantify facial attractiveness, we find that funds with facial unattractive managers outperform funds with attractive managers by...

This paper studies the consumption-saving and portfolio choice problem of an ambiguity-averse investor who can not observe his income growth. I adopt a generalized recursive ambiguity model to accommodate investor’s utility function. The result shows that an ambiguity-averse agent has a lower...