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"This paper investigates the dynamics of individual portfolios in a unique dataset containing the disaggregated wealth of all households in Sweden. Between 1999 and 2002, we observe little aggregate rebalancing in the financial portfolio of participants. These patterns conceal strong...
Persistent link: https://www.econbiz.de/10003740410
This paper investigates the efficiency of household investment decisions in a unique dataset containing the disaggregated wealth and income of the entire population of Sweden. The analysis focuses on two main sources of inefficiency in the financial portfolio: underdiversification of risky...
Persistent link: https://www.econbiz.de/10003319550
Persistent link: https://www.econbiz.de/10003288857
Persistent link: https://www.econbiz.de/10001459128
We show that reaching for yield---a tendency to take more risk when the real interest rate declines while the risk premium remains constant---results from imposing a sustainable spending constraint on an otherwise standard infinitely lived investor with power utility. When the interest rate is...
Persistent link: https://www.econbiz.de/10012842878
This paper investigates the dynamics of individual portfolios in a unique dataset containing the disaggregated wealth of all households in Sweden. Between 1999 and 2002, we observe little aggregate rebalancing in the financial portfolio of participants. These patterns conceal strong...
Persistent link: https://www.econbiz.de/10012753525
This paper investigates the efficiency of household investment decisions in a unique dataset containing the disaggregated wealth and income of the entire population of Sweden. The analysis focuses on two main sources of inefficiency in the financial portfolio: underdiversification of risky...
Persistent link: https://www.econbiz.de/10012754400
We show that reaching for yield -- a tendency to take more risk when the real interest rate declines while the risk premium remains constant -- results from imposing a sustainable spending constraint on an otherwise standard infinitely lived investor with power utility. When the interest rate is...
Persistent link: https://www.econbiz.de/10013322339
We show that reaching for yield--a tendency to take more risk when the real interest rate declines while the risk premium remains constant--results from imposing a sustainable spending constraint on an otherwise standard infinitely lived investor with power utility. When the interest rate is...
Persistent link: https://www.econbiz.de/10012481982
This paper investigates the dynamics of individual portfolios in a unique dataset containing the disaggregated wealth of all households in Sweden. Between 1999 and 2002, we observe little aggregate rebalancing in the financial portfolio of participants. These patterns conceal strong...
Persistent link: https://www.econbiz.de/10012464470