This paper studies why investors buy dividend-paying assets and how they time their consumption accordingly. We combine … administrative bank data linking customers' consumption transactions and income to detailed portfolio data and survey responses on … financial behavior. We find that private consumption is excessively sensitive to dividend income. Investors across wealth …

We show that shocks to household consumption growth are negatively skewed, persistent, countercyclical, and drive asset … drives the conditional cross-sectional moments of household consumption growth. The estimated model fits well the … unconditional cross-sectional moments of household consumption growth and the moments of the risk-free rate, equity premium, price …

We present evidence that shocks to household consumption growth are negatively skewed, persistent, countercyclical, and … state variable drives the conditional cross-sectional moments of household consumption growth. The estimated model fits well … the unconditional cross-sectional moments of household consumption growth and the moments of the risk free rate, equity …

We show that shocks to household consumption growth are negatively skewed, persistent, countercyclical, and drive asset … drives the conditional cross-sectional moments of household consumption growth. The estimated model fits well the … unconditional cross-sectional moments of household consumption growth and the moments of the risk-free rate, equity premium, price …