We study the impact of human capital on life-cycle portfolio choice using Dutch data. A distinction is made between the riskless view of human capital as having bond-like characteristics, and the risky conception of future wage income having stock-like properties. As in Benzoni, Collin-Dufresne,...

The paper deals with the question of whether it is possible to combine the insights and recommendations of optimal individual lifecycle investing with the proven gains of defined benefit pension funds. These gains primarily stem from cost efficiency and (intergenerational) risk sharing.We...

The paper deals with the question of whether it is possible to combine the insights and recommendations of optimal individual lifecycle investing with the proven gains of defined benefit pension funds. These gains primarily stem from cost efficiency and (intergenerational) risk sharing. We...

This paper examines the impact of participants' age distribution on the asset allocation of Dutch pension funds, using a unique data set of pension fund investment plans for 2007. Theory predicts a negative effect of age on (strategic) equity exposures. We observe that pension funds do indeed...

This paper examines the impact of participants' age distribution on the asset allocation of Dutch pension funds, using a unique data set of pension fund investment plans for 2007. Theory predicts a negative effect of age on (strategic) equity exposures. We observe that pension funds do indeed...