Expected Horizon and Household Finance - HAL Accéder directement au contenu
Pré-publication, Document de travail Année : 2013

Expected Horizon and Household Finance

Résumé

Using data from a U.S. household survey, we examine the empirical relation between subjective life horizon (i.e., the self-reported expectation of remaining life span) and portfolio choice. We find that equity portfolio shares are higher for investors with longer horizons, controlling for gender-specific age effects, socio-economic characteristics, health, and optimism. Our result is robust to accounting for the endogeneity of equity market participation or instrumenting subjective life horizon with parental survival. Finally, we show that the effect of a shortening horizon on portfolio allocation is stronger for households without bequest motives.
Loading...
Fichier non déposé

Dates et versions

hal-02002787, version 1 (31-01-2019)

Licence

Copyright (Tous droits réservés)

Identifiants

  • HAL Id : hal-02002787 , version 1

Citer

Christophe Spaenjers, Sven Michael Spira. Expected Horizon and Household Finance. 2013. ⟨hal-02002787⟩

Collections

HEC CNRS
70 Consultations
0 Téléchargements
Dernière date de mise à jour le 07/04/2024
comment ces indicateurs sont-ils produits

Partager

Gmail Facebook Twitter LinkedIn Plus