Stock Market Mean Reversion and Portfolio Choice over the Life Cycle
نویسندگان
چکیده
منابع مشابه
Human capital investment and portfolio choice over the life-cycle∗
I study a theoretical model of life-cycle portfolio choice for an investor who has an option to invest in human capital but is liquidity constrained. I find that, since the young are more likely to exercise the option than the old, they are more concerned about liquidity risk (i.e. the risk that the liquidity constraint binds when it is optimal to invest). This, in turn, implies a hump-shaped p...
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ژورنال
عنوان ژورنال: Journal of Financial and Quantitative Analysis
سال: 2017
ISSN: 0022-1090,1756-6916
DOI: 10.1017/s0022109017000357