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...

Theoretische Fundierung -- Ökonometrische Implikationen -- Untersuchungsmethoden -- Messung der relevanten Daten -- Stationarität und deskriptive Statistik -- Untersuchungsergebnisse -- Zusammenfassung, Beitrag und Ausblick.