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The Social Cost of Near-Rational Investment
Hassan, Tarek A. - 2011
We show that the stock market may fail to aggregate information even if it appears to be efficient, and that the resulting decrease in the information content of prices may drastically reduce welfare. We solve a macroeconomic model in which information about fundamentals is dispersed and...
Persistent link: https://www.econbiz.de/10013125571
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Investor Sentiment and the Closed-End Fund Puzzle
Lee, Charles - 2011
This paper examines the proposition that fluctuations in discounts on closed end funds are driven by changes in individual investor sentiment toward closed end funds and other securities. The theory implies that discounts on various funds must move together, that new funds get started when...
Persistent link: https://www.econbiz.de/10012756869
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Heterogeneity and Risk Sharing in Village Economies
Chiappori, Pierre-Andre - 2011
correlated in most villages with portfolio-choice estimates. The heterogeneity matters for policy: Although the average household …
Persistent link: https://www.econbiz.de/10013131495
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Stock Market Expectations of Dutch Households
Hurd, Michael D. - 2010
Despite its importance for the analysis of life-cycle behavior, stock ownership by households is poorly understood. Among other approaches to the investigation of this puzzle, recent research has elicited the expectations of stock market returns by individuals. This paper reports findings from a...
Persistent link: https://www.econbiz.de/10013137018
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Household Stock Market Beliefs and Learning
Kezdi, Gabor - 2011
imply. Our results also suggest that a substantial part of the reduced form relationship between stock holding and household …
Persistent link: https://www.econbiz.de/10013118132
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Lifecycle Impacts of the Financial and Economic Crisis on Household Optimal Consumption, Portfolio Choice, and Labor Supply
Chai, Jingjing - 2011
the rest of the economy via high unemployment and reduced labor earnings, which reduced household contributions to Social …
Persistent link: https://www.econbiz.de/10013123696
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Optimal Portfolio Choice with Wage-Indexed Social Security
Li, Jialun - 2011
This paper re-examines the classic question of how a household should optimally allocate its portfolio between risky …
Persistent link: https://www.econbiz.de/10013125573
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Ambiguity Aversion and Household Portfolio Choice : Empirical Evidence
Dimmock, Stephen G. - 2013
We test the relation between ambiguity aversion and five household portfolio choice puzzles: non- participation, low ….S. household survey, we measure ambiguity aversion using custom- designed questions based on Ellsberg urns. As theory predicts …
Persistent link: https://www.econbiz.de/10013087877
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Household Finance : Education, Permanent Income and Portfolio Choice
Cooper, Russell - 2013
This paper studies household financial choices: why are these decisions dependent on the education level of the … household? A life cycle model is constructed to understand a rich set of facts about decisions of households with different …
Persistent link: https://www.econbiz.de/10013075858
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Owner-Occupied Housing and the Composition of the Household Portfolio Over the Life-Cycle
Flavin, Marjorie - 2008
constraint') on the household's optimal holdings of financial assets. Since the ratio of housing to net worth declines as the … household accumulates wealth, the housing constraint induces a life-cycle pattern in the portfolio shares of stocks and bonds … to construct household level panel data on the real after-tax return to owner-occupied housing, as well as data on the …
Persistent link: https://www.econbiz.de/10012774907