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SUMMARY:Stock Market Participation and Portfolio Shares Over the Life Cycl
 e
DTSTART;VALUE=DATE:20220506
DTSTAMP:20260916T034723Z
UID:dbb889a03308f4c2f18cb85347d1c17b4c0ad9c161dfc9d5018ff329
CATEGORIES:Conferences - Seminars
DESCRIPTION:Francisco Gomes\, LBS\nWe estimate the life-cycle profile of s
 tock market participation and risky portfolio share. Our identification ap
 proach does not require any assumptions on time or cohort effects\, thus a
 voiding the classical identification problem. We find that stock market pa
 rticipation is a hump-shaped function of age\, while the conditional risky
  share is at until mid-life and decreases afterwards. We investigate the e
 conomic mechanisms driving this behavior\, and find empirical support for 
 stock market participation costs\, decreasing relative risk aversion\, hum
 an capital as a close substitute for bonds\, and background risks. We conc
 lude with a structural life-cycle model that closely replicates these patt
 erns.\n 
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STATUS:CONFIRMED
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