correlated in most villages with portfolio-choice estimates. The heterogeneity matters for policy: Although the average household …

rises in wealth in the cross-section of households in the Survey of Consumer Finances. For a given household, the portfolio …

imply. Our results also suggest that a substantial part of the reduced form relationship between stock holding and household …

This paper re-examines the classic question of how a household should optimally allocate its portfolio between risky …

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 …

household wealth accumulation is not supported by the data. Institutional factors, asset liquidity, and evolving investor tastes … must be recognized in modeling asset demand. These factors could affect analyses of overall household saving as well as the …

This paper provides an in-depth review and analysis of household portfolios in Japan. (1) Using both aggregate and … disaggregate data, it is shown that the shares of equities in household financial wealth have been decreasing throughout the 1990s ….S. and European countries in which increasing trends in household stock holdings are observed. (2) Using survey data, age …

The entitlement to social security retirement benefits is a major component of aggregate household wealth. This paper … focuses on the impact of social security annuities on household portfolio allocation, extending existing optimizing models of …

pattern to irrationality, particularly overconfidence. In contrast, we find that household financial choices generated from a …