While human capital accumulation is significant early in life, stock market participation is
limited. As individuals age, this pattern is reversed. In this paper, we show that—when …

Participation in the stock market is limited, especially early in life. By contrast, human capital
investment is widespread, especially early in life. Returns to equity are constant across …

Abstract English has long been the subject to be learned by all learners in Indonesia. In the
era of globalization, the popularity of English is as prestigious as Mathematics, Science, and …

Portfolio choice models counterfactually predict (or advise) almost universal equity market
participation and a high share for equity in wealth early in life. Empirically consistent …

1.1 The historical evolution of household portfolio models: one period and multiperiod
models 1.2 Labour income effect on household portfolio choices 1.3 Human capital and …