that low-risk stocks outperform high-risk stocks. Using a large-scale household dataset, we provide an explanation for this …

using U.S. data shows that the model tracks the empirical age-pattern of stock market participants’ financial wealth, stock … explanatory power and accounts for the observed discrepancy in wealth accumulation between stockholders and non-stockholders …

financial behavior. We find that private consumption is excessively sensitive to dividend income. Investors across wealth …

determinant of private consumption is analyzed, namely, by the consideration of wealth effects. It is also analyzed the potential … wealth effects associated to direct property are about 3.5 times superior to those associated to indirect property. Short … in income and in wealth and that the adjustment to long-run component is very slow, which constitutes an indicator that …