Retirement in Europe (SHARE), which has detailed data on wealth and portfolio composition of individuals aged 50+ in 11 European …

This paper examines the association between stock market return expectations and financial wealth holdings of older … of positive stock market return were positively associated with greater financial wealth holdings among households. Our … financial wealth holdings of households. African Americans, Hispanics, and other races were negatively associated with the …

"To measure the wealth-consumption ratio, we estimate an exponentially affine model of the stochastic discount factor … US consumption. Our estimates indicate that total wealth is much safer than stock market wealth. The consumption risk … wealth-consumption ratio is much higher than the price-dividend ratio on stocks throughout the post-war period. The high …