Heterogeneity and Portfolio Choice: Theory and Evidence

By Stephanie E. Curcuru, J. Heaton, Deborah J. Lucas, D. Moore. 2004

215 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/f0a5c8ebd85b17284497b41a30a00c74240e479f

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Citations in the corpus

IQ and stock market participation (2011, unknown): “Related to this, Curcuru et al. (2009) and Campbell (2006) observe that the degree of nonparticipation among wealthy individuals is puzzling.”
Nature or Nurture: What Determines Investor Behavior? (2010, unknown): “, Campbell (2006) and Curcuru et al. (2009) for recent and extensive reviews of the emerging field of “household finance” and, specifically, research on the cross-sectional variance in investment behavior.”
The Gender Effect in Risky Asset Holdings (2012, background): “Curcuru et al. (2009) also obtain a negative coefficient on income, with a commensurate coefficient size.”
Heterogeneity and Persistence in Returns to Wealth (2018, unknown): “Because housing returns are essentially uncorrelated with stock returns (Curcuru et al. (2009)), our estimates provide a conservative measure of returns heterogeneity.”
Preferences with frames: A new utility specification that allows for the framing of risks (2009, background): “Yet another example is the large fraction of wealth some households allocate to just a few stocks (Curcuru et al., 2004).”
Effects of the Financial Crisis and Great Recession on American Households (2010, unknown): “As a result the fraction in the population holding stocks, even if indirectly in their pension plans, has increased over the years (Curcuru et al. (2009)).”
Financial literacy and portfolio diversification (2010, background): “Why is individual portfolio turnover so high (Glaser, Noth and Weber, 2004)? Why are individual portfolios so heterogeneous (Guiso, Haliassos and Japelli, 2002)? Why is participation so low in some specific assets (Curcuru et al., 2005)?”
Trusting the stock market (2008, background): “…1 2 W̃1 + 1 2 W̃2) + p 2U(0) + p(1 − p)EU( 1 2 W̃1) + p(1 − p)EU( 1 2 W̃2) − 2c (3) Subtracting (2) from (3), the investor will buy the second stock if (1 − p)[D + pV ] > c (4) where D = EU(12W̃1 + 1 2W̃2) − EU(W̃1) 2As Curcuru et al. (2004) argues the lack of diversification remains a puzzle.”
Optimal Financial Knowledge and Wealth Inequality (2017, unknown): “(1999) using consumption data.(19) Following SSK (2006), we de ne an equivalence scale which takes account of consumption di erences in household size by education group and changes in demographics over the life cycle.”
What explains household stock holdings (2006, background): “coefficient on this variable is strongly positive for 1995 and 1998, but it is not for 2001. 14”