Many firms have stockholders who face severe restrictions on their ability to sell their shares and diversify the risk …

. We show that even a small wedge between borrowing costs and the risk-free return dramatically shrinks the demand for … consumption growth and equity returns is low at all ages, and that risk aversion estimates based on the standard excess return … borrowing costs and risk aversion, and the standard deviation of marginal utility growth is an order of magnitude smaller than …

be attractive to risk-minimizing global equity investors despite their low average returns. The risk-minimizing currency … little evidence that risk-minimizing investors should adjust their currency positions in response to movements in interest …

. Welfare gains from this strategy can amount to 40 percent of financial wealth (depending on risk parameters and other …