| dc.contributor.author | FAGERENG, Andreas | |
| dc.contributor.author | GOTTLIEB, Charles | |
| dc.contributor.author | GUISO, Luigi | |
| dc.date.accessioned | 2017-03-22T16:05:43Z | |
| dc.date.available | 2017-03-22T16:05:43Z | |
| dc.date.issued | 2017 | |
| dc.identifier.citation | The journal of finance, 2017, Vol. 72, No. 2, pp. 705–750 | en |
| dc.identifier.issn | 0022-1082 | |
| dc.identifier.issn | 1540-6261 | |
| dc.identifier.uri | https://hdl.handle.net/1814/45804 | |
| dc.description | First published: 20 January 2017 | en |
| dc.description.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 per-period participation cost, and a yearly probability of a large stock market loss in line with the frequency of stock market crashes in Norway. | en |
| dc.language.iso | en | en |
| dc.publisher | Wiley | en |
| dc.relation.ispartof | The journal of finance | en |
| dc.relation.isversionof | http://hdl.handle.net/1814/28597 | |
| dc.rights | info:eu-repo/semantics/openAccess | |
| dc.title | Asset market participation and portfolio choice over the life-cycle | en |
| dc.type | Article | |
| dc.identifier.doi | 10.1111/jofi.12484 | |
| dc.identifier.volume | 72 | en |
| dc.identifier.startpage | 705 | en |
| dc.identifier.endpage | 750 | en |
| eui.subscribe.skip | true | |
| dc.identifier.issue | 2 | en |
| dc.description.version | Published version of EUI ECO WP 2013/07 | |
