We analyze the asset allocation decisions of different investor groups and investigate how their investmentbehavior changes with macroeconomic conditions. Using a new data set that includes themonthly portfolio holdings of private, commercial, and institutional investors deposited with...

Das Anlageverhalten von Privatinvestoren unterscheidet sich teilweise markant vonden Voraussagen, welche man aufgrund von Modellen der Portfolioselektion anstellenwürde: so sind beispielsweise Portfolios häufig nicht breit diversifiziert, weder bezüglichder Anzahl der Titel noch bezüglich...

Current discussions about public and private pension plans often state that the stock market is less risky in the long run than in the short run. Pension plans with their rather long planning horizon are therefore asked to increase the allocation to the stock market. Such statements, however,...