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

of intelligence (IQ), results in frequent investor trading and subsequent investor wealth erosion across time. Using the … National Longitudinal Survey (NLSY79), change in wealth and asset allocation across time is modeled as a function of various … individual wealth creation across time …

This study examines the causal effects of housing wealth appreciation on the stock market participation of households … design, we find the following: (1) Unexpected housing wealth appreciation substantially promotes households’ stock market … participation. (2) The housing wealth effect relaxes households’ liquidity constraints and thus encourages them to invest in stocks …

"To measure the wealth-consumption ratio, we estimate an exponentially affine model of the stochastic discount factor … US consumption. Our estimates indicate that total wealth is much safer than stock market wealth. The consumption risk … wealth-consumption ratio is much higher than the price-dividend ratio on stocks throughout the post-war period. The high …