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Portfolio Choice and Precautionary Savings

Calcagno, Riccardo - 2011

We study the effect on savings of an increase in the capital risk of the investment opportunities when the … individuals with high risk-aversion and time-separable, power utility increase their optimal savings when capital risk increases …

Persistent link: https://www.econbiz.de/10013122523

Optimal Portfolio Choice with Wage-Indexed Social Security

Li, Jialun - 2011

stocks and risk-free bonds over its lifecycle. We show that allowing for the wage indexation of social security benefits …

Persistent link: https://www.econbiz.de/10013125573

Investing Over the Life Cycle with Long-Run Labor Income Risk

Benzoni, Luca - 2009

market risk when they approach retirement. The authors show how long-run labor income risk helps explain this evidence …. Moreover, they discuss the effect of long-run labor income risk on the valuation of pension plan obligations, their funding …

Persistent link: https://www.econbiz.de/10013155513

Countercyclical Risks and Portfolio Choice Over the Life Cycle : Evidence and Theory

Shen, Jialu - 2019

I show that countercyclical earnings dynamics can have quantitatively important effects on saving and portfolio choice decisions over the life cycle. During expansions (recessions) when expected future earnings growth is high (low), households save less (more) and also invest a higher (lower)...

Persistent link: https://www.econbiz.de/10012898145