Prior research on the demand for life insurance in household portfolio holdings has not made a clear distinction between portfolio shifts resulting from active allocation decisions and those resulting from passive acceptance. Our study examines the relationship between household portfolio...

Purpose: Previous research has documented that high vega CEOs increase R&D investment (Coles et al., 2006) and liquidity (Liu and Mauer, 2011), but provided little clue about how those CEOs get the necessary resources to support those choices. Frankel et al. (2016) highlight firms’...