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SUMMARY:Can Risk Be Shared Across Investor Cohorts? Evidence from a Popula
 r Savings Product
DTSTART:20200925T103000
DTEND:20200925T120000
DTSTAMP:20260504T153542Z
UID:bb23c535ab0be1cfcbe0e62b857c92cfd550d94dd65193c22bff5215
CATEGORIES:Conferences - Seminars
DESCRIPTION:Johan HOMBERT\, HEC Paris\nWe study how retail savings product
 s can share market risk across investor cohorts\, thereby completing finan
 cial markets. Financial intermediaries smooth returns by varying reserves\
 , which are passed on between successive investor cohorts\, redistributing
  wealth across cohorts. Using data on euro contracts sold by life insurers
  in France\, we estimate this redistribution to be large: 0.8% of GDP. We 
 develop and provide evidence for a model in which low investor sophisticat
 ion\, while leading to individually sub-optimal decisions\, improves risk 
 sharing by allowing inter-cohort risk sharing.
LOCATION:Zoom
STATUS:CONFIRMED
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