We investigate whether individual experiences of macroeconomic shocks affect financial risk
taking, as often suggested for the generation that experienced the Great Depression. Using …

This paper provides an in depth analysis of an investor's reluctance to realize losses and his
propensity to realize gains–a behavior known as the disposition effect. Together …

This paper analyzes the trading records of a major discount brokerage house to investigate
the disposition effect, the tendency to sell stocks that have appreciated in price (winners) …

This paper examines the investment decisions of older individual investors. We find that
older and experienced investors are more likely to follow rules of thumb that reflect greater …

This paper investigates the association between population age structure, particularly the
share of the population in the 'prime saving years'(40 to 64), and the returns on stocks and …

Records of over half a million participants in more than 600 401 (k) plans indicate that
participants tend to allocate their contributions evenly across the funds they use, with the …

This paper studies the strategic asset allocation for an investor with risky liabilities which are
subject to inflation and real interest rate risk and who invests in stocks, government bonds …

A number of financial market analysts have argued that the aging of the" Baby Boom" cohort
contributed to the rise US asset values during the 1990s, and that asset prices will decline …

We examine the link between equity risk premiums and demographic changes using a very
long sample over the twentieth century for the US, Japan, UK, Germany and France, and a …

This study shows that individual investors systematically shift their preferences across
extreme style portfolios (small vs. large, value vs. growth). These preference shifts are …