This study empirically examines the role of risk sharing between taxable investors and the government on the relation … weaker or even reverses when (i) a firm's systematic risk is high, (ii) the market risk premium is high, or (iii) the risk … around substantive increases and decreases in the risk parameters. We corroborate our findings in a single country setting …

This study empirically examines the role of risk sharing between taxable investors and the government on the relation … weaker or even reverses when (i) a firm's systematic risk is high, (ii) the market risk premium is high, or (iii) the risk … around substantive increases and decreases in the risk parameters. We corroborate our findings in a single country setting …

This study empirically examines the role of risk sharing between taxable investors and the government on the relation … weaker or even reverses when (i) a firm’s systematic risk is high, (ii) the market risk premium is high, or (iii) the risk … around substantive increases and decreases in the risk parameters. We corroborate our findings in a single country setting …

correlate with household net wealth (or income). Bond price increases thus leave net wealth inequality largely unchanged. In … wealth inequality. Housing price increases display a hump shaped pattern over the net wealth distribution, with the poorest …

the unconditional cross-sectional moments of household consumption growth and the moments of the risk free rate, equity … premium, price-dividend ratio, and aggregate dividend and consumption growth. The model-implied risk free rate and price …-dividend ratio are pro-cyclical while the market return has countercyclical mean and variance. Finally, household consumption risk …