| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14340 |
| 来源ID | Working Paper 14340 |
| Asset Management, Human Capital, and the Market for Risky Assets | |
| Isaac Ehrlich; William A. Hamlen Jr.; Yong Yin | |
| 发表日期 | 2008-09-10 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | Risky-asset prices are conventionally modeled as "fully (information-) revealing". Much less work has been done on how prices get to reveal information. Following the "noisy-prices", rational-expectations approach, our answer focuses on the micro-foundations of information acquisition and the role of human capital in asset, or risk, management. We derive testable propositions on how education and other determinants of asset management affect its intensity, risky-asset demand, and portfolio returns. We derive related insights concerning determinants of the level and volatility of asset prices and equity premiums. Using micro-level data on portfolio choices, we find that education raises both the portfolio share of risky assets and overall portfolio returns, while a measure of the opportunity cost of asset management has the opposite effects. Our results indicate a non-trivial return to education in generating non-wage income. They suggest that educational attainments directly affect the distribution of income as well as earnings. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Health, Education, and Welfare ; Education ; Labor Economics ; Labor Supply and Demand |
| URL | https://www.nber.org/papers/w14340 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/572013 |
| 推荐引用方式 GB/T 7714 | Isaac Ehrlich,William A. Hamlen Jr.,Yong Yin. Asset Management, Human Capital, and the Market for Risky Assets. 2008. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w14340.pdf（392KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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