Portfolio Choice and Asset Prices: The Importance of Entrepreneurial Risk

By J. Heaton, Deborah J. Lucas. 2000

1,017 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/62e89c290142803d88b1ba6abac45000e925b201

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Citations in the corpus

Financial Literacy and Stock Market Participation (2007, positive): “We also added a dummy for self-employment, to account for those who are already exposed to high risk in the labor market and may therefore be less likely to hold stocks (Heaton and Lucas, 2000).”
Consumption and Portfolio Choice over the Life Cycle (2005, background): “Concerning the life cycle profile of the fraction of wealth invested in equities, the studies by Ameriks and Zeldes (2000), Bertaut and Haliassos (1997), Heaton and Lucas (2000a) , Poterba (2001), Poterba and Samwick (1997), and Guiso, Jappelli, and Terlizzese (1996) document that it is hard to obt”
Optimal Consumption and Portfolio Choices with Risky Housing and Borrowing Constraints (2005, positive): “…always dominates owning and housing price is nonstochastic, our setup can be simplified to the portfolio choice problem with nontradable labor income and a single numeraire consumption good, such as those modeled in Heaton and Lucas (2000b) or Cocco, Gomes, and Maenhout (2004), among others.”
Information Sharing and Stock Market Participation: Evidence from Extended Families (2009, neutral): “We then associated each of these people with the personal identifiers of their mothers, fathers, children, and siblings whenever applicable.(8) Upon completion of the associations establishing family relationships, our sample con(6)To be sure, at the person level, we could identify thousands of gran”
Twin Picks: Disentangling the Determinants of Risk-Taking in Household Portfolios (2013, neutral): “[53] Heaton, John, and Deborah Lucas, 2000, Portfolio choice and asset prices: The importance of entrepreneurial risk, Journal of Finance 55, 1163-1198.”
A Skeptical Appraisal of Asset Pricing Tests (2010, neutral): “The models suggest new risk factors to help explain expected returns, including labor income (Jagannathan and Wang, 1996; Heaton and Lucas, 2000; Jacobs and Wang, 2004; Santos and Veronesi, 2006), growth in macroeconomic output and investment (Cochrane, 1996; Vassalou, 2003; Li, Vassalou, and Xing,…”
Asset Pricing with Idiosyncratic Risk and Overlapping Generations (2000, positive): “Heaton and Lucas 1998 and others have shown that older U.S. households, in particular those older households who faced a relatively large amount of idiosyncratic income risk during their prime working years, are the households who are most likely to hold a substantial fraction of their wealth in…”
What explains household stock holdings (2006, background): “variables. However, the factors that influence the two choices may be different, 17 and”
Labor Income Dynamics at Business-Cycle Frequencies:Implications for Portfolio Choice (2011, background): “3The empirical papers that report contradictory stock holding patterns by U.S. households include Friend and Blume (1975), Poterba (1993), Bertaut (1994), Blume and Zeldes (1994), Heaton and Lucas (2000a) and (2000b), Vissing-Jorgensen (2002)and Curcuru, Heaton, Lucas and Moore (2004).”
Ownership of Stocks and Mutual Funds: A Panel Data Analysis (2004, methodology): “This is the straightforward generalization of the solution that was given by Heckman (1981b) for the univariate case. In principle, the static equations can be seen as linearized approximations of the true reduced form (obtained by recursively eliminating yt−1 until t = −∞). Heckman’s simulations su”