Using extensive and comprehensive databases to select a subset of research papers, we
aim to critically analyze previous empirical studies to identify certain patterns in determining …

Human capital is one of the largest assets in the economy and in theory may play an
important role for asset pricing. Human capital is heterogeneous across investors. One …

The use of target date funds (TDFs) as default options in 401 (k) plans increased sharply
following the Pension Protection Act of 2006. We document large differences in the realized …

Directly investing households exhibit more domestically concentrated portfolios than
institutional investors. We aim to identify the factors that asymmetrically affect the foreign …

Purpose This study identifies residual, persistent, or resilient risks that remain even after
controls for systematic and sentiment risk and extensive portfolio diversification are applied …

This paper finds that the evidence for the home market effect (HME) found by Hanson and
Xiang (AER, 2004) is sensitive to the way the dependent and the independent variables are …

We show that the decision to participate in the stock market depends on the ability of
equities to hedge the individual permanent earnings shocks, consistent with implications of …

We examine the international variations in portfolio diversification benefits from an angle of
global wealth management. We directly model the impact of widely observed phenomenon …

Despite a vast empirical literature that assesses the impact of financial integration on the
economy, evidence of substantial welfare gains from consumption risk sharing remains …

We show that the decision to participate in the stock market depends on the ability of
equities to hedge the individual permanent earnings shocks, consistent with implications of …