capital returns using a performance measure and by using tests for mean-variance spanning. A risk-return trade-off is revealed …

dataset covering 1% of German households for the period 1995-2009, we analyse the return and risk properties that can be … expected from human capital contracts. We find that funds of human capital contracts provide low risk exposures to stocks and … bonds. As a result, risk-adjusted returns of funds of human capital contracts are signicantly positive under fairly weak …

dataset covering 1% of German households for the period 1995-2009, we analyse the return and risk properties that can be … expected from human capital contracts. We fi nd that funds of human capital contracts provide low risk exposures to stocks and … bonds. As a result, risk-adjusted returns of funds of human capital contracts are signifi cantly positive under fairly weak …