| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11734 |
| DP11734 Rich Pickings? Risk, Return, and Skill in the Portfolios of the Wealthy | |
| Laurent E. Calvet; Laurent Bach | |
| 发表日期 | 2016-12-31 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | This paper investigates the risk and return characteristics of household wealth. The analysis is based on a high-quality administrative panel that reports the financial assets, real estate, private equity, and debt of Swedish residents. We show that the mean return on gross wealth strongly increases with net worth, primarily because wealthy households bear high systematic risk. By contrast, the mean return on net wealth is U-shaped in net worth because the middle class hold levered positions in real estate. Moreover, wealthy households bear high idiosyncratic risk but do not seem to earn abnormally high returns. Finally, we show that returns on wealth largely explain the inequality dynamics at the top. |
| 主题 | Financial Economics |
| 关键词 | Household finance Inequality Risk-taking Factor-based investing Leverage Cost of debt Real estate Private equity |
| URL | https://cepr.org/publications/dp11734 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540548 |
| 推荐引用方式 GB/T 7714 | Laurent E. Calvet,Laurent Bach. DP11734 Rich Pickings? Risk, Return, and Skill in the Portfolios of the Wealthy. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
