Original paper

Asset Market Participation and Portfolio Choice over the Life‐Cycle

Volume: 72, Issue: 2, Pages: 705 - 750
Published: Mar 21, 2017
Abstract
Using error‐free data on life‐cycle portfolio allocations of a large sample of Norwegian households, we document a double adjustment as households age: a rebalancing of the portfolio composition away from stocks as they approach retirement and stock market exit after retirement. When structurally estimating an extended life‐cycle model, the parameter combination that best fits the data is one with a relatively large risk aversion, a small...
Paper Details
Title
Asset Market Participation and Portfolio Choice over the Life‐Cycle
Published Date
Mar 21, 2017
Volume
72
Issue
2
Pages
705 - 750
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