We estimate the life-cycle profile of stock market participation and risky portfolio share. We address the classical identification problem by running the estimations in first differences, which allows us to estimate the age profiles without making any assumptions on time or cohort effects. We...

There is increasing interest in applying lessons learned from household finance to the design of regulation, both within and across international borders. However, household financial decisions are complex, interdependent, and heterogeneous, and central to the functioning of the financial...

The existing literature has documented “reaching for yield”—the phenomenon of investing more in risky assets when interest rates are lower—among institutional investors. Using detailed transaction data from a large brokerage firm, we provide direct field evidence that reach for yield is...