earnings risk and aggregate asset price risk, I show that changes in earnings dynamics account for a large part of the … less wealth. …

with greater wealth-at-risk are more likely to hold health insurance. The implicit insurance from bankruptcy distorts the …

households with greater wealth at risk are more likely to hold health insurance. The implicit insurance from bankruptcy distorts …

This paper examines the relationship between generational differences, risk tolerance, and attitudes towards financial … in financial securities compared to Millennials. In general, Baby Boomers are more risk-averse and Generation Xers are … more risk-loving than Millennials, accounting for education and income levels. The paper reveals a conundrum in which Baby …

market wealth affect worker output. Exploiting large return variations over time and across investors, we document a 10 … idiosyncratic stock investment returns, and moreover is unexplained by investor-specific liquidity needs. Consistent with the wealth …

This paper investigates the effects of stock market wealth on consumer spending. Traditional macroeconometric models … estimate that a dollar's increase in stock market wealth boosts consumer spending by 3-7 cents per year. With the substantial … 1990s rise in stock prices, the nature and magnitude of this "wealth effect" have been much debated. After describing the …

We use detailed data on stock portfolios of Norwegian households to show that stock market wealth increases … stock market wealth increases the propensity to start a firm, with the response concentrated in households with moderate … levels of financial wealth, for whom a 20 percent increase in stock wealth increases the likelihood to start a firm by about …