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Be Fearful When Households are Greedy : The Household Equity Share and Expected Market Returns
Yang, David - 2017
We empirically document that the “dumb money” effect exists for the aggregate stock market. We define the “Household … Equity Share” (HEShare), the share of household equity and fixed income assets allocated to equities. HEShare negatively … prices and common market return forecasters. The non-household sector's equity share does not forecast returns, ruling out …
Persistent link: https://www.econbiz.de/10012948149
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Smoking hot portfolios? : self-control and investor decisions
Uhr, Charline; Meyer, Steffen; Hackethal, Andreas - 2019
Self-control failure is among the major pathologies (Baumeister et al. (1994)) affecting individual investment decisions but cannot be measured bias-free. We link the time-series of government-controlled tobacco prices to debit/credit card transaction histories to identify smoking as a proxy for...
Persistent link: https://www.econbiz.de/10012062176
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Financial returns to household inventory management
Baker, Scott; Johnson, Stephanie; Küng, Lorenz - 2020
, they choose to maintain liquid savings – household working capital – not just for precautionary motives but also to support …
Persistent link: https://www.econbiz.de/10012271205
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Financial returns to household inventory management
Baker, Scott; Johnson, Stephanie; Küng, Lorenz - 2020
, they choose to maintain liquid savings - household working capital - not just for precautionary motives but also to support …
Persistent link: https://www.econbiz.de/10012421080
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Return Expectations and Risk Aversion Heterogeneity in Household Portfolios
Bucciol, Alessandro - 2015
We develop a structural econometric model to elicit household-specific expectations about future financial asset …. Our framework assumes that household portfolios are subject to short-selling constraints in stocks and bonds, and that …
Persistent link: https://www.econbiz.de/10013027836
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Richer earnings dynamics, consumption and portfolio choice over the life cycle
Gálvez, Julio; Paz Pardo, Gonzalo - 2023
Households face earnings risk which is non-normal and varies by age and over the income distribution. We show that allowing for these rich features of earnings dynamics, in the context of a structurally estimated life-cycle portfolio choice model, helps to rationalize the limited participation...
Persistent link: https://www.econbiz.de/10014278693
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Skewness expectations and portfolio choice
Drerup, Tilman H.; Wibral, Matthias; Zimpelmann, Christian - 2022
Many models of investor behavior predict that investors prefer assets that they believe to have positively skewed return distributions. We provide a direct test of this prediction in a representative sample of the Dutch population. Using individual-level data on return expectations for a broad...
Persistent link: https://www.econbiz.de/10012805556
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The Tradeoff Between Mutual Fund and Direct Stock Investments – A Theoretical Analysis Involving Different Types of Investors
Fischer, Marcel - 2016
We study the tradeoff between direct and indirect stock investments through equity mutual funds for a utility-maximizing investor. Whereas direct investments impose higher transaction costs on the formation of a well-diversified portfolio, mutual funds charge fees for their services. Our results...
Persistent link: https://www.econbiz.de/10012996289
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Smoking hot portfolios? : self-control and investor decisions
Uhr, Charline; Meyer, Steffen; Hackethal, Andreas - 2019
Self-control failure is among the major pathologies (Baumeister et al. (1994)) affecting individual investment decisions which has hardly been measurable in empirical research. We use cigarette addiction identified from checking account transactions to proxy for low self-control and compare over...
Persistent link: https://www.econbiz.de/10011981008
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Financial literacy and savings account returns
Deuflhard, Florian; Georgarakos, Dimitris; Inderst, Roman - 2015
create a unique dataset by matching information on individual savings accounts from the DNB Household Survey with market data …
Persistent link: https://www.econbiz.de/10010508482