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Providing financial education: a general equilibrium approach
Padula, Mario; Pettinicchi, Yuri - C.E.P.R. Discussion Papers - 2013
Since the early 2000s, the importance of financial literacy for safe financial behaviors has increased in public debate and has been the motivation for several national and international institutions to launch and promote financial education initiatives. Although discussion on the effects of...
Persistent link: https://www.econbiz.de/10011084571
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The home bias of the poor: Terms of trade effects and portfolios across the wealth distribution
Broer, Tobias - C.E.P.R. Discussion Papers - 2012
This paper documents how poorer and less educated US households hold a smaller fraction of foreign assets in their financial portfolio. This average home bias of the poor is partly due to a lower probability of participating in foreign asset markets, often attributed to fixed costs of market...
Persistent link: https://www.econbiz.de/10011083824
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Skewness Risk Premium: Theory and Empirical Evidence
Lehnert, Thorsten; Lin, Yuehao; Wolff, Christian C - C.E.P.R. Discussion Papers - 2013
of data on S&P500 index options, we find that, in line with theory, risk-averse investors demand risk-compensation for … aversion, we show that in line with theory, the relationship only holds when risk aversion is high. In periods of low …
Persistent link: https://www.econbiz.de/10011084225
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Basic Principles Of Asset Pricing Theory: Evidence From Large-Scale Experimental Financial Markets
Bossaerts, Peter; Plott, Charles - C.E.P.R. Discussion Papers - 2000
propositions of modern asset pricing theory, namely, that the interaction between risk averse agents in a competitive market leads …-markets model, and the Sharpe-Lintner-Mossin Capital Asset Pricing Model (CAPM). This framework enabled us to measure how far our … discovered swift convergence towards equilibrium prices of Arrow and Debreu's model or the CAPM. This discovery is significant …
Persistent link: https://www.econbiz.de/10005662411
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Portfolio Choice with Illiquid Assets
Koren, Miklós; Szeidl, Adam - C.E.P.R. Discussion Papers - 2003
The present Paper investigates the effects of incorporating illiquidity in a standard dynamic portfolio choice problem. Lack of liquidity means that an asset cannot be immediately traded at any point in time. We find the portfolio share of financial wealth invested in illiquid assets given the...
Persistent link: https://www.econbiz.de/10005498092
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History versus Geography: The Role of College Interaction in Portfolio Choice and Stock Market Prices
Massa, Massimo; Simonov, Andrei - C.E.P.R. Discussion Papers - 2004
educational, professional and geographical interaction, properly controlling for all the standard motivations of portfolio theory …
Persistent link: https://www.econbiz.de/10005792437
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A Gains from Trade Perspective on Macroeconomic Fluctuations
Beaudry, Paul; Portier, Franck - C.E.P.R. Discussion Papers - 2011
Business cycles reflect changes over time in the amount of trade between individuals. In this paper we show that incorporating explicitly intra-temporal gains from trade between individuals into a macroeconomic model can provide new insight into the potential mechanisms driving economic...
Persistent link: https://www.econbiz.de/10009221567
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Consumption Taxes and Redistribution
Correia, Isabel - C.E.P.R. Discussion Papers - 2005
It is relatively well known that the introduction of consumption taxation as an alternative in the tax code, and as the main source of government revenues, leads to a more efficient tax system. However the conventional wisdom is that the change from the actual tax code, based on taxation of...
Persistent link: https://www.econbiz.de/10005123977
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Tax And Education Policy In A Heterogeneous Agent Economy: What Levels Of Redistribution Maximize Growth And Efficiency?
Bénabou, Roland - C.E.P.R. Discussion Papers - 2000
This paper studies the effects of progressive income taxes and education finance in a dynamic heterogeneous agent economy. Such redistributive policies entail distortions to labour supply and savings, but also serve as partial substitutes for missing credit and insurance markets. The resulting...
Persistent link: https://www.econbiz.de/10005124288
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Capital Share Risk and Shareholder Heterogeneity in U.S. Stock Pricing
Lettau, Martin; Ludvigson, Sydney; Ma, Sai - C.E.P.R. Discussion Papers - 2015
Value and momentum portfolios exhibit strong opposite signed exposure to an aggregate risk factor based on low frequency fluctuations in the capital share. This strong opposite signed exposure helps explain why both strategies earn high average returns yet are negatively correlated. But the...
Persistent link: https://www.econbiz.de/10011145413