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Bräuer, Konstantin; Hackethal, Andreas; Hanspal, Tobin - 2020 - Current version: May 2020

This paper studies why investors buy dividend-paying assets and how they time their consumption accordingly. We combine administrative bank data linking customers' consumption transactions and income to detailed portfolio data and survey responses on financial behavior. We find that private...

Persistent link: https://www.econbiz.de/10012223798

Asset Pricing Based on Micro Consumption

Ju, Gaosheng - 2021

This paper proposes an estimable asset pricing model that builds upon micro consumption andreference-dependent preference. Central to the model is an S-shaped consumption utility function that is convex below the reference point. The model quantitatively accounts for both low risk-free rates and...

Persistent link: https://www.econbiz.de/10013217345

Household production and asset prices

Da, Zhi; Wei Yang; Yun, Hayong - In: Management science : journal of the Institute for … 62 (2016) 2, pp. 387-409

Persistent link: https://www.econbiz.de/10011446201

An empirical re-evaluation of wealth effect in Japanese household behavior

Ogawa, Kazuo; Kitasaka, Shin'ichi; Yamaoka, Hiroshi; … - 1995

Persistent link: https://www.econbiz.de/10000919530

Non-standard preferences in asset pricing and household finance

Goossens, Jorgo - 2023

Persistent link: https://www.econbiz.de/10013549809

Wealth Effects on Consumption - Evidence from the Euro Area

Sousa, Ricardo M. - 2009

This paper estimates the wealth effects on consumption in the euro area as a whole. I show that: (i) financial wealth effects are relatively large and statistically significant; (ii) housing wealth effects are virtually nil and not significant; (iii) consumption growth exhibits strong...

Persistent link: https://www.econbiz.de/10013160476

The Impact of Stock and Real Estate Returns on the Propensity of Households to Meet the Capital Accumulation Ratio Guideline

Letkiewicz, Jodi - 2014

The current study investigates the impact of substantial economic fluctuations on household portfolios and analyzes how …

Persistent link: https://www.econbiz.de/10013060490

Stock Market Wealth and Consumer Spending

Starr, Martha - 1998

This paper investigates the effects of stock market wealth on consumer spending. Traditional macroeconometric models estimate that a dollar's increase in stock market wealth boosts consumer spending by 3-7 cents per year. With the substantial 1990s rise in stock prices, the nature and magnitude...

Persistent link: https://www.econbiz.de/10014057423

Aggregate Consumption Spending, the Stock Market, and Asymmetric Error Correction

Stevans, Lonnie K. - 2011

In this study, we show how changes in wealth resulting from unanticipated changes in the value of equity holdings begin a process whereby households alter consumption growth in order to close the gap between actual and target spending. Because of changing uncertainty or equity price volatility...

Persistent link: https://www.econbiz.de/10014059425

Household Portfolios, Monetary Policy and Asset Prices

Leombroni, Matteo; Rogers, Ciaran - 2021

In this paper we study the role of household portfolio rebalancing channel for the aggregate and redistributive effects … subsequent wealth effect on consumption. In order to jointly study these effects, we introduce an heterogeneous household life … reduction in expected return on household portfolio. However, the strength of these two forces notably varies depending on …

Persistent link: https://www.econbiz.de/10013321564

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