Using the Household Finance and Consumption Survey (HFCS), a large micro-level dataset on households’ wealth in fifteen … holds risky assets. The ownership rates of all asset categories generally increase with wealth (and income). The … significance of inheritances for wealth accumulation is remarkable and underlines its key role in the process of persistent wealth …

diversification: what they do is to split equally their wealth among the asset classes available, in a naïve way. We try to detect if …

Using exogenous wealth shocks stemming from the collapse of the housing market, we show that managers who experience …