We develop a measure of hybrid defined benefit DB pension risk and show how this pension risk affects individual portfolio decisions. We find that people in riskier DB plans are, on average, not only less likely to hold equity but also hold a smaller share of their wealth in equity. This...

The excessive use of credit cards and increasing consumer borrowing has been a major problem. Laibson (1997) suggests the present-bias problem as one of the driving forces of excessive borrowing. Shefrin and Thaler (1988) suggest that self-control underlies national borrowing/savings rate. We...

This book recommends the creation of a new, alternative legal structure for collective investment, the "managed investment trust."

Retirees confront the difficult problem of how to manage their money in retirement so as to not outlive their funds while continuing to invest in capital markets. We posit a dynamic utility maximizer who makes both asset location and allocation decisions when managing her retirement financial...

Many households have insufficient savings to handle moderate and routine consumption shocks. Many of these financially fragile households also have the highest lottery expenditures as a proportion of income. This combination suggests that Prize-Linked Savings (PLS) accounts, that combine...

The authors examine the impact of changed economic circumstances to manage personal finances. Analyze financial involvement, level of education and the management of personal finances population in Croatia. The paper used the method of analysis, synthesis, induction, deduction, and a survey poll.

В современных условиях повышенного требования к уровню финансовой грамотности субъектов хозяйствования, вкупе с остро вставшей проблемой снижения уровня...

We use panel data from the Swiss Labor Force Survey to estimate age-earnings profiles as well as transitory and permanent income shock variances for investor groups distinguished by gender, education and activity rate. Estimation results are then used to stylize several different Swiss investor...

Abstract Purpose – The Islamic credit card is a type of banking product offered by Islamic banks. Given the importance to the Islamic credit card to Islamic banks, the study is aimed at identifying the factors determining the Malaysian bank customers’ behavioral intention to use the Islamic...

Purpose – Indian investors have been exposed to a plethora of investment opportunities in the past decade and a half, after the liberalization process which commenced in 1991. Over the years, the increased competition has brought a wind of change, not just in the economic environment within...