Portfolio Allocation Over the Life Cycle: Evidence from Swedish Household Data
Portfolio Allocation Over the Life Cycle: Evidence from Swedish Household Data
复制标题
整个生命周期的投资组合配置：来自瑞典家庭数据的证据
DOI：
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发表时间：
2001
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影响因子：
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通讯作者：
Björn Andersson
中科院分区：
文献类型：
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作者：
Björn Andersson
本文提供了瑞典家庭资产配置的生命周期模式的实证证据。家庭投资组合分配的数据收集从1982-1992年期间的HINK调查，不同资产类别的投资组合份额回归年龄，时期，和队列假人以及社会经济和人口变量。不同资产需求的年龄分布存在明显差异。“风险”金融资产的比例和总真实的资产的比例都呈驼峰形。虽然拥有“安全”金融资产的概率随着年龄的增长而增加，但投资组合中的权重具有U形的年龄模式。金融资产占总资产的比例也是如此。此外，不同出生群体的资产配置也存在差异;“婴儿潮”一代的真实的资产组合权重相对较高，而年轻一代则更倾向于投资“风险”金融资产。
This paper provides empirical evidence on life-cycle patterns in the asset allocation of Swedish households. Data on household portfolio allocation are collected from the HINK surveys for the period 1982-1992, and portfolio shares of different asset categories are regressed on age, period, and cohort dummies as well as socio-economic and demographic variables. There are evident differences in the age profiles for the demand of different assets. The fraction of "risky" financial assets follows a hump-shaped age profile, as does the share of total real assets. While the probability of ownership of "safe" financial assets increases over life, the weight in the portfolio has a U-shaped age pattern. This is also true for the fraction of total financial assets. Furthermore, there are differences in the asset allocation of different birth cohorts; the portfolio weight of real assets is relatively higher for the "baby-boom" generation, while younger generations are more prone to invest in "risky" financial assets.