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Asset Pricing with Optimal Under-Diversification

Elenev, Vadim; Landvoigt, Tim - National Bureau of Economic Research - 2023

We study sources and implications of undiversified portfolios in a production-based asset pricing model with financial frictions. Households take concentrated positions in a single firm exposed to idiosyncratic shocks because managerial effort requires equity stakes, and because investors gain...

Persistent link: https://www.econbiz.de/10014250139

Dynamics of Bond and Stock Returns

Kozak, Serhiy - 2019

I present a production-based general equilibrium model that jointly prices bond and stock returns. The model produces time-varying correlation between stock and long-term default-free real bond returns that changes in both magnitude and sign. The real term premium is also time-varying and...

Persistent link: https://www.econbiz.de/10012904335

The financial decisions of immigrant and native households : evidence from Italy

Bertocchi, Graziella; Brunetti, Marianna; Zaiceva, Anzelika - 2018

Using rich Italian data for the period 2006-2014, we document sizeable gaps between native and immigrant households with respect to wealth holdings and financial decisions. Immigrant household heads hold less net wealth than native, but only above the median of the wealth distribution, with...

Persistent link: https://www.econbiz.de/10012154394

Financial literacy and suboptimal financial decisions at older ages

Fong, Joelle H.; Koh, Benedict SK.; Mitchell, Olivia S.; … - 2019

Over the life-cycle, wealth holdings tend to be highest in the early part of retirement. The quality of financial decisions among older adults is therefore an important determinant of their financial security during the asset drawdown phase. This paper assesses how financial literacy shapes...

Persistent link: https://www.econbiz.de/10012113846

The financial decisions of immigrant and native households : evidence from Italy

Bertocchi, Graziella; Brunetti, Marianna; Zaiceva, Anzelika - 2018

Persistent link: https://www.econbiz.de/10011950811

Impact of Population Aging on Household Savings and Portfolio Choice in Japan

Iwaisako, Tokuo - 2017

population aging over the period 2000–14. While there is little doubt that household savings have decreased, the true trend …

Persistent link: https://www.econbiz.de/10012964317

Individual Investor Portfolio Performance in Retirement Savings Accounts

Gan, Su (Sally) - 2013

We analyse the investment performance of a large sample of individuals investing in discretionary retirement savings … reflecting the consequence of their trading behaviours and effectiveness in accumulating retirement savings. It is of particular … interest to policy makers given the tax concessions that retirement savings attract in the expectation that successfully …

Persistent link: https://www.econbiz.de/10013082791

Simplifying Choices in Defined Contribution Retirement Plan Design

Keim, Donald B. - 2015

rates and expense ratios, and we estimate this could lead to aggregate savings for these participants over a 20-year period …

Persistent link: https://www.econbiz.de/10013011013

Simplifying choices in defined contribution retirement plan design : a case study

Mitchell, Olivia S.; Keim, Donald B. - 2017

rates and expense ratios, and we estimate this could lead to aggregate savings for these participants over a 20-year period …

Persistent link: https://www.econbiz.de/10011721902

Costly financial intermediation in neoclassical growth theory

Mehra, Rajnish; Piguillem, Facundo; Prescott, Edward C. - In: Quantitative economics : QE ; journal of the … 2 (2011) 1, pp. 1-36

the resources used in this intermediation amounted to at least 3.4 percent of GNP. The theory implies that financial …

Persistent link: https://www.econbiz.de/10011755708