| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21686 |
| 来源ID | Working Paper 21686 |
| The Choice Channel of Financial Innovation | |
| Felipe S. Iachan; Plamen T. Nenov; Alp Simsek | |
| 发表日期 | 2015-11-02 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Financial innovation in recent decades has expanded portfolio choice. We investigate how greater choice affects investors’ savings and asset returns. We establish a choice channel by which greater portfolio choice increases investors’ savings—by enabling them to earn the aggregate risk premium or to take speculative positions. In equilibrium, portfolio customization (access to risky assets beyond the market portfolio) reduces the risk-free rate. Participation (access to the market portfolio) reduces the risk premium but typically increases the risk-free rate. Empirically, stock market participants in the U.S. save more than nonparticipants, and have increasingly dispersed portfolio returns, consistent with the choice channel. |
| 主题 | Macroeconomics ; Consumption and Investment ; Money and Interest Rates ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w21686 |
| 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/579361 |
| 推荐引用方式 GB/T 7714 | Felipe S. Iachan,Plamen T. Nenov,Alp Simsek. The Choice Channel of Financial Innovation. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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