Essays On Loss Aversion And Household Portfolio Choice
DOWNLOAD
Download Essays On Loss Aversion And Household Portfolio Choice PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Essays On Loss Aversion And Household Portfolio Choice book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Essays On Loss Aversion And Household Portfolio Choice
DOWNLOAD
Author : In Do Hwang
language : en
Publisher:
Release Date : 2016
Essays On Loss Aversion And Household Portfolio Choice written by In Do Hwang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Loss Aversion And Household Portfolio Choice
DOWNLOAD
Author : Stephen G. Dimmock
language : en
Publisher:
Release Date : 2009
Loss Aversion And Household Portfolio Choice written by Stephen G. Dimmock and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
In this paper we empirically test if loss-aversion affects household participation in equity markets, household allocations to equity, and household allocations between mutual funds and individual stocks. Using household survey data, we obtain direct measures of each surveyed household's loss-aversion coefficient from questions involving hypothetical payoffs. We find that higher loss-aversion is associated with a lower probability of participation. We also find that higher loss-aversion reduces the probability of direct stockholding by significantly more than the probability of owning mutual funds. After controlling for sample selection we do not find a relationship between loss-aversion and portfolio allocations to equity.
Behavioral Aspects Of Household Portfolio Choice
DOWNLOAD
Author : In Do Hwang
language : en
Publisher:
Release Date : 2017
Behavioral Aspects Of Household Portfolio Choice written by In Do Hwang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
This paper investigates how loss-aversion affects individuals' decisions on savings and insurance purchase. Specifically, this paper empirically tests if prospect theory's loss aversion decreases insurance demand and increases savings demand. Prospect theory predicts that boundedly rational consumers may view pure protection insurance, such as term-life insurance, as a risky investment because the insured may lose premiums if a bad event does not occur within the pre-specified term. Hence, those who are fairly sensitive to the potential loss choose not to buy term-life insurance. Instead, they may choose a more safe option to prepare for uncertain future events by increasing precautionary saving. This paper tests such prediction using individual-level data from the Health and Retirement Study (HRS) and finds empirical evidence consistent with the prediction: loss-averse individuals are less likely to own term-life insurance and more likely to own whole-life insurance, which serves as a partial savings instrument. These individuals also hold a higher level of wealth than others, suggesting that they tend to save more (presumably for precautionary motives), all other things being equal.
Essays In Dynamic Household Finance With Heterogeneous Agents
DOWNLOAD
Author :
language : en
Publisher:
Release Date : 2008
Essays In Dynamic Household Finance With Heterogeneous Agents written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
Essays On Household Portfolio Choice
DOWNLOAD
Author : Thomas Jansson
language : en
Publisher:
Release Date : 2009
Essays On Household Portfolio Choice written by Thomas Jansson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
Ambiguity Aversion And Household Portfolio Choice
DOWNLOAD
Author :
language : en
Publisher:
Release Date : 2013
Ambiguity Aversion And Household Portfolio Choice written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
Publ 7 Reihe Urkundenbuch Des Burgenlandes
DOWNLOAD
Author :
language : en
Publisher:
Release Date : 1965
Publ 7 Reihe Urkundenbuch Des Burgenlandes written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1965 with categories.
Ambiguity Aversion And Household Portfolio Choice
DOWNLOAD
Author : Stephen G. Dimmock
language : en
Publisher:
Release Date : 2013
Ambiguity Aversion And Household Portfolio Choice written by Stephen G. Dimmock and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
We test the relation between ambiguity aversion and five household portfolio choice puzzles: non- participation, low allocations to equity, home-bias, own-company stock ownership, and portfolio under- diversification. In a representative U.S. household survey, we measure ambiguity aversion using custom- designed questions based on Ellsberg urns. As theory predicts, ambiguity aversion is negatively associated with stock market participation, the fraction of financial assets in stocks, and foreign stock ownership, but positively related to own-company stock ownership. Conditional on stock ownership, ambiguity aversion is related to portfolio under-diversification, and during the financial crisis, ambiguity-averse respondents were more likely to sell stocks.
Three Essays On Household Portfolio Choice
DOWNLOAD
Author : Tae-Young Pak
language : en
Publisher:
Release Date : 2016
Three Essays On Household Portfolio Choice written by Tae-Young Pak and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
This dissertation considers household portfolio choice at the end of life-cycle. Three essays examine the importance of uncertainty about medical expenditure risk, cognitive aging, and subjective life horizon, and their role in explaining late-life savings decisions and portfolio allocation. Chapter 2 of the dissertation, entitled "Medical expenditure risk and precautionary saving: Evidence from Medicare Part D", tests the presence of precautionary saving motive to cope with medical expenditure risk. By examining Medicare Part D and it's association with household saving, I demonstrate that social insurance programs discourage private saving by reducing health-related uncertainty. Chapter 3 of the dissertation, entitled "Econometric analysis of cognitive abilities and portfolio choice", explores the role of cognitive aging in explaining a portfolio rebalancing towards safer assets at the end of life-cycle. In this essay, I argue that a gradual decrease in risky asset ownership at the end of life-cycle is in part driven by losing cognitive capabilities. I pay particular attention to testing whether such association is observed only on the extensive margin - that is, changes in ownership, or both risky asset ownership and reallocation across the intensive margin are affected. Causality is tested by exploiting exogenous variation in cognitive health, created by the introduction of Medicare Part D in 2006. Chapter 4 of the dissertation, entitled "Subjective life expectancy and portfolio choice: A household bargaining approach", examines collective decision-making when spouses have an incentive to bargain over portfolio allocation. This article starts with two well-known facts: (a) difference in life expectancy between husband and wife; and (b) age disparity in marriage. These two facts imply that females, on average, face 5 or 6 years longer retirement period to finance, and thus have more incentive to hold risky assets to achieve higher expected capital gains in the long-term. A difference in life expectancy then creates an incentive to bargain over how to allocate savings to risky and non-risky assets. The estimation results indeed show that more financial wealth is allocated to risky assets when a spouse with longer life expectancy has the "final say."
Handbook Of The Economics Of Finance
DOWNLOAD
Author : G. Constantinides
language : en
Publisher: Elsevier
Release Date : 2003-11-04
Handbook Of The Economics Of Finance written by G. Constantinides and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-11-04 with Business & Economics categories.
Arbitrage, State Prices and Portfolio Theory / Philip h. Dybvig and Stephen a. Ross / - Intertemporal Asset Pricing Theory / Darrell Duffle / - Tests of Multifactor Pricing Models, Volatility Bounds and Portfolio Performance / Wayne E. Ferson / - Consumption-Based Asset Pricing / John y Campbell / - The Equity Premium in Retrospect / Rainish Mehra and Edward c. Prescott / - Anomalies and Market Efficiency / William Schwert / - Are Financial Assets Priced Locally or Globally? / G. Andrew Karolyi and Rene M. Stuli / - Microstructure and Asset Pricing / David Easley and Maureen O'hara / - A Survey of Behavioral Finance / Nicholas Barberis and Richard Thaler / - Derivatives / Robert E. Whaley / - Fixed-Income Pricing / Qiang Dai and Kenneth J. Singleton.