Private Finance: Empowering Investors in a Complex Environment

Against the background of demographic change, low interest rates and structural changes in pension schemes it is becoming increasingly difficult for private investors to make adequate provisions for their retirement. We observe substantial differences in financial asset and debt participation and holdings across demographic groups and countries. Among other things, these imply different financial preparedness for old age and different tendencies to run into financial trouble. We investigate ways to empower private investors to make better decisions in a complex financial environment taking into account factors such as financial literacy, behavioral patterns, innovations in technology, supply side strategies and the changing regulatory framework.

Keywords: financial advice, financial literacy, investor protection, low-interest rate environment, private investment, retirement, saving


Research Papers on Private Finance

Title Author/s Research Area Source Published Keywords

Optimal Social Security Claiming Behavior under Lump Sum Incentives: Theory and Evidence

Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, Tatjana Schimetschek Household Finance SAFE Working Paper No. 164 2017 Annuity, delayed retirement, lifetime income, pension, early retirement, Social Security

The Effect of Personal Financing Disruptions on Entrepreneurship

Tobin Hanspal Household Finance, Corporate Finance SAFE Working Paper No. 161 2016 Entrepreneurship; Small business; Personal finance; Financial crisis; Bank defaults

Does feedback on personal investment success help?

Sophie Ahlswede, Steffen Meyer, Linda Urban Household Finance SAFE Working Paper No. 157 2016 household finance, field study, individual investors, reporting, investment mistakes, regulation

Will They Take the Money and Work? An Empirical Analysis of People’s Willingness to Delay Claiming Social Security Benefits for a Lump Sum

Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, Tatjana Schimetschek Household Finance forthcoming in Journal of Risk and Insurance, 2016 2016 Annuity, lump sum, Social Security, delayed retirement, lifetime income, pension

Putting the Pension Back in 401(k) Plans: Optimal versus Default Longevity Income Annuities

Vanya Horneff, Raimond Maurer, Olivia S. Mitchell Household Finance SAFE Working Paper No. 150 2016 dynamic portfolio choice, longevity risk, variable annuity, retirement income

On the Applicability of Maximum Likelihood Methods: From Experimental to Financial Data

Sven-Thorsten Jakusch Household Finance SAFE Working Paper No. 148 2016 Utility Functions, Model Selection, Parameter Elicitation

Taring All Investors with the Same Brush? Evidence for Heterogeneity in Individual Preferences from a Maximum Likelihood Approach

Andreas Hackethal, Sven-Thorsten Jakusch, Steffen Meyer Household Finance SAFE Working Paper No. 147 2016 Utility Theory, Maximum Likelihood, Individual Investors

Taming Models of Prospect Theory in the Wild? Estimation of Vlcek and Hens (2011)

Andreas Hackethal, Sven-Thorsten Jakusch, Steffen Meyer Household Finance SAFE Working Paper No. 146 2016 Prospect Theory, Parameter Elicitation, Investors Heterogeneity

Add-On Pricing in Retail Financial Markets and the Fallacies of Consumer Education

Michael Kosfeld, Ulrich Schüwer Household Finance forthcoming in Review of Finance, 2016 2016 consumer education,financial literacy, bounded rationality, competition, regulation

The Impact of Long-Run Macroeconomic Experiences on Personality

Nathanael Vellekoop Household Finance SAFE Working Paper No. 142 2016 Personality traits, Big Five, Locus of control, labor market, unemployment

Predictors and Portfolios Over the Life Cycle

Holger Kraft, Claus Munk, Farina Weiss Household Finance SAFE Working Paper No. 139 2016 Return predictability, human capital, housing, investments, welfare

A Stochastic Forward-Looking Model to Assess the Profitability and Solvency of European Insurers

Elia Berdin, Christoffer Kok, Cosimo Pancaro Financial Institutions SAFE Working Paper No. 137 2016 Financial Stability, Insurance, Interest Rate Risk, Stress Test

Consumption Habits and Humps

Holger Kraft, Claus Munk, Frank Thomas Seifried, Sebastian Wagner Household Finance forthcoming in Economic Theory, 2016 2016 Consumption hump, life-cycle utility maximization, habit formation, impatience

Investor Protection Through Model Case Procedures – Implementing Collective Goals and Individual Rights Under the 2012 Amendment to the German Capital Markets Model Case Act (KapMuG)

Brigitte Haar Corporate Finance European Business Organization Law Review, 2014 2014 collective litigation, investor protection, test cases, German Capital Markets Model Case Act (KapMuG)

On the Optimal Provision of Social Insurance: Progressive Taxation versus Education Subsidies in General Equilibrium

Alexander Ludwig Macro Finance Journal of Monetary Economics, Vol 77, pp. 72-98, 2016 2016 Progressive Taxation, Education Subsidy, Transitional Dynamics

Insurance Activities and Systemic Risk

Elia Berdin, Matteo Sottocornola Systemic Risk Lab, Financial Institutions SAFE Working Paper No. 121 2015 Systemic Risk, Insurance Activities, Systemically Important Financial Institutions

Asset Market Participation and Portfolio Choice Over the Life-Cycle

Andreas Fagereng, Charles Gottlieb, Luigi Guiso Household Finance SAFE Working Paper No. 115 2015 -

Housing Habits and Their Implications for Life-Cycle Consumption and Investment

Holger Kraft, Claus Munk, Sebastian Wagner Household Finance SAFE Working Paper No. 85 2015 Habit formation, life-cycle household decisions, housing expenditure share, consumption hump, stock market participation, renting vs. owning home, human capital

Private Enforcement of Investor Protection – is Private Law up for the Challenge? A Glance at the United Kingdom

Kosmas Kaprinis, Katja Langenbucher Household Finance Vittorio Klostermann, 2014 2014

Financial education, literacy and investment attitudes

Agar Brugiavini, Danilo Cavapozzi, Mario Padula, Yuri Pettinicchi Household Finance SAFE Working Paper No. 86 2015 Financial education, Financial literacy, Planning, Investment attitudes

Health status and portfolio choice: Is their relationship economically relevant?

Silvia Bressan, Noemi Pace, Loriana Pelizzon Household Finance International Review of Financial Analysis, 2014 2014 Household portfolios, Health status

Optimal life cycle portfolio choice with variable annuities offering liquidity and investment downside protection

Vanya Horneff, Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla Household Finance Insurance: Mathematics and Economics, 2015 2015 dynamic portfolio choice; longevity risk; variable annuity; money-back guarantee; liquidity; retirement income

Keeping Households out of Financial Trouble

Michael Haliassos Household Finance Cambridge University Press, 2015 2015

Risk aversion and religion

Charles N. Noussair, Stefan T. Trautmann, Nathanael Vellekoop, Gijs van de Kuilen Household Finance Journal of Risk and Uncertainty, 2013 2013

Peer Effects and Risk Sharing in Experimental Asset Markets

Sascha Baghestanian, Paul Gortner, Joel van der Weele Corporate Finance, Household Finance, Financial Markets SAFE Working Paper No. 67 2014 peer effects, laboratory experiments, risk taking, asset markets

Control Thyself: Self-Control Failure and Household Wealth

Nina Biljanovska, Spyros Palligkinis Household Finance, Macro Finance SAFE Working Paper No. 69 2014 Self-Control, Household Wealth, Household Finance

Endogenous Grids in Higher Dimensions: Delaunay Interpolation and Hybrid Methods

Alexander Ludwig, Matthias Schön Household Finance, Macro Finance SAFE Working Paper No. 72 2014 Dynamic Models, Numerical Solution, Method of Endogenous Gridpoints, Delaunay Interpolation

Will They Take the Money and Work? An Empirical Analysis of People’s Willingness to Delay Claiming Social Security Benefits for a Lump Sum

Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, Tatjana Schimetschek Household Finance SAFE Working Paper No. 84 2015 Annuity, lump sum, Social Security, delayed retirement, lifetime income, pension

Twin Picks: Disentangling the Determinants of Risk-Taking in Household Portfolios

Laurent Calvet, Paolo Sodini Household Finance SAFE Working Paper No. 13 2013 Asset allocation, communication, genetics, habit formation, human capital, labor income, leverage, participation, risk-taking, social interactions, twin study

Does Mood Affect Trading Behavior?

Markku Kaustia, Elias Rantapuska Household Finance SAFE Working Paper No. 4 2013 mood, seasonal affective disorder (SAD), weather, trading behavior, stock market

Does sophistication affect long-term return expectations? Evidence from financial advisers' exam scores

Markku Kaustia, Antti Lehtoranta, Vesa Puttonen Household Finance SAFE Working Paper No. 3 2013 stock return expectations, sophistication, financial literacy, adviser

Stock Ownership and Political Behavior: Evidence from Demutualization

Markku Kaustia, Samuli Knüpfer, Sami Torstila Household Finance SAFE Working Paper No. 2 2013 Stock ownership, political behavior, salience, attention, identity

Banks’ financial distress, lending supply and consumption expenditure

H. Evren Damar, Reint Gropp, Adi Mordel Financial Institutions SAFE Working Paper No. 39 2014 credit supply, banking, financial crisis, consumption expenditure, liquid assets, consumption smoothing

Asset Prices in General Equilibrium with Recursive Utility and Illiquidity Induced by Transactions Costs

Adrian Buss, Raman Uppal, Grigory Vilkov Financial Markets SAFE Working Paper No. 41 2014 liquidity premium, incomplete markets, portfolio choice, heterogeneous agents

Consumption-Investment Problems with Stochastic Mortality Risk

Lorenz Schendel Household Finance SAFE Working Paper No. 43 2014 Stochastic mortality risk, Health jumps, Labor income risk, Portfolio choice, Insurance

Critical Illness Insurance in Life Cycle Portfolio Problems

Lorenz Schendel Household Finance SAFE Working Paper No. 44 2014 Health shocks, Health expenses, Labor income risk, Stochastic mortality risk, Portfolio choice

Optimal Consumption and Investment with Epstein-Zin Recursive Utility

Holger Kraft, Thomas Seiferling, Frank Thomas Seifried Financial Markets SAFE Working Paper No. 52 2014 consumption-portfolio choice, asset pricing, stochastic differential utility, incomplete markets, fixed point approach, FBSDE

Consumption and Wage Humps in a Life-Cycle Model with Education

Holger Kraft, Claus Munk, Frank Thomas Seifried, Mogens Steffensen Household Finance SAFE Working Paper No. 53 2014 Education, leisure, consumption hump, wage hump

Idiosyncratic Risk, Aggregate Risk, and the Welfare Effects of Social Security

Daniel Harenberg, Alexander Ludwig Household Finance, Macro Finance SAFE Working Paper No. 59 2014 social security, idiosyncratic risk, aggregate risk, welfare

Does Product Familiarity Matter for Participation?

Nicola Fuchs-Schündeln, Michael Haliassos Household Finance SAFE Working Paper No. 63 2014 household finance, familiarity, financial literacy, stockholding, household debt, social interactions, consumer credit, counterfactual analysis, German reunification

Household Finance and the Law – a Case Study on Economic Transplants

Katja Langenbucher Household Finance Cambridge University Press, 2015 2015

Incompatible European Partners? Cultural Predispositions and Household Financial Behavior

Michael Haliassos, Thomas Jansson, Yigitcan Karabulut Household Finance SAFE Working Paper No. 58 2014 Household Portfolios, Household Finance, Cultural Influences on Economic Behavior

A Life-Cycle Model with Ambiguous Survival Beliefs

Max Groneck, Alexander Ludwig, Alexander Zimper Household Finance, Macro Finance Journal of Economic Theory, 2016 2016 Cumulative prospect theory, Choquet expected utility, Dynamic inconsistency, Life-cycle hypothesis, Saving puzzles

Household Debt and Social Interactions

Dimitris Georgarakos, Michael Haliassos, Giacomo Pasini Household Finance Review of Financial Studies, 2014 2014 household finance, household debt, social interactions, mortgages, consumer credit, informal loans

The Effects of a Low Interest Rate Environment on Life Insurers

Elia Berdin, Helmut Gründl Financial Institutions The Geneva Papers on Risk and Insurance: Issues and Practice, 2015 2015 Life Insurers, Interest Rate Guarantees, Risk Assessment, Solvency II

Aging and Pension Reform: Extending the Retirement Age and Human Capital Formation

Axel Börsch-Supan, Alexander Ludwig, Edgar Vogel Household Finance, Macro Finance Journal of Pension Economics & Finance, 2017 2017 population aging, human capital, welfare, pension reform, retirement age, open economy

The Effects of Contingent Convertible (CoCo) Bonds on Insurers’ Capital Requirements under Solvency II

Helmut Gründl, Tobias Niedrig Financial Institutions The Geneva Papers on Risk and Insurance: Issues and Practice, 2015 2015 Contingent Convertible Capital, CoCo Bond, Basel III, Solvency II, Life Insurance, Interconnectedness

Optimal Asset Allocation for Interconnected Life Insurers in the Low Interest Rate Environment Under Solvency Regulation

Tobias Niedrig Financial Institutions Journal of Insurance Issues, 2015 2015 Basel III, Solvency II, Life Insurance, Interest Rate Guarantees, Asset Allocation, Contagion, Interconnectedness

Social Security in an Analytically Tractable Overlapping Generations Model with Aggregate and Idiosyncratic Risk

Daniel Harenberg, Alexander Ludwig Household Finance, Macro Finance International Tax and Public Finance, 2015 2015 social security, idiosyncratic risk, aggregate risk, welfare, insurance, crowding out

Regulatory Influence on Market Conditions in the Banking Union

Tobias Tröger Financial Institutions European Business Organization Law Review, 2015 2015 banking union, macro-prudential supervision, real estate lending, bail-in, market discipline

Life Insurance Demand under Health Shock Risk

Christoph Hambel, Holger Kraft, Lorenz Schendel, Mogens Steffensen Household Finance forthcoming in Journal of Risk and Insurance, 2016 2016 Health shocks, Portfolio choice, Term life insurance, Mortality risk, Labor income risk

On the Distributive Effects of Inflation

Charles Gottlieb Household Finance SAFE Working Paper No. 116 2015 Anticipated Inflation, Monetary Policy, Incomplete markets, Heterogeneous agents, Endogenous Asset Market Participation

Financial Advice

Andreas Hackethal Household Finance E. Faia, A. Hackethal, M. Haliassos, K. Langenbucher (Eds.), Financial Regulation: A Transatlantic Perspective (Cambridge University Press), pp. 245-270, 2015 2015

Policy Papers on Private Finance

Year Title Author/s Research Area Keywords Year
September 2016

Das Deutsche Rentensystem: Thesen zur derzeitigen Diskussion um „Umkehr“-Reformen

Alexander Ludwig Household Finance German pension system, reform, retirement age 2016-09
November 2015

Fragmentation in the European Retail Deposit Market and Implications for Loan Availability in European Member States

Bijan Kaffenberger, Mark Wahrenburg Household Finance household finance, deposits, European market fragmentation 2015-11
November 2015

The Potential Effect of Offering Lump Sums as Retirement Payments

Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, Tatjana Schimetschek Household Finance Social Security solvency, Pension system 2015-11
June 2015

Negative Zinsen auf Einlagen – juristische Hindernisse und ihre wettbewerbspolitischen Auswirkungen

Tobias Tröger Corporate Finance Niedrigzinsumfeld, Einlageverträge, negativer Zins 2015-06
May 2014

The Fiscal Crisis as a Crisis in Trust

Michael Haliassos Household Finance fiscal crisis, household liquidity, economic reforms, Greece 2014-05
May 2014

Family Status, Social Security Claiming Options, and Life Cycle Portfolios

Andreas Hubener, Raimond Maurer, Olivia S. Mitchell Household Finance life-cycle models, household savings, investment decisions 2014-05
June 2014

Den Ruhestand optimal finanzieren

Raimond Maurer Household Finance Alterssicherung, USA, Deutschland 2014-06
July 2014

Anlegerschutz braucht mehr Eigenverantwortung

Andreas Hackethal, Thomas Schäfer Household Finance Anlegerschutz, Bankberatung, Finanzbildung 2014-07
May 2013

Own Risk and Solvency Assessment Within the Solvency II Framework and its Interplay with the Quantitative Solvency Capital Requirements

Jens Gal, Helmut Gründl Financial Institutions Insurance, Solvency II, Own Risk and Solvency Assessment 2013-05
November 2011

Rational learning about rare-disaster frequencies: A persistent source of asset-price overreaction

Volker Wieland Financial Markets asset prices, comsumer beliefs, Bayesian learning 2011-11
November 2011

Long-Term Guarantees and the Countercyclical Premium Under Solvency II

Helmut Gründl, Hato Schmeiser Financial Institutions insurance supervision, capital requirements, Solvency II 2011-11
March 2011

Stellungnahme zum Gesetzesentwurf der Bundesregierung zur Umsetzung derr OGAW-Richtlinie der EU-Kommission

Raimond Maurer Household Finance Investmentfonds, Wertpapiere, Anlegerschutz 2011-03
April 2012

Wie lässt sich der Kundennutzen der Anlageberatung steigern?

Andreas Hackethal Household Finance Anlageentscheidung, Wertpapierberatung, Risikomaße, Rendite 2012-04
September 2015

Financial Regulation: A Transatlantic Perspective

Ester Faia, Andreas Hackethal, Michael Haliassos, Katja Langenbucher Financial Institutions, Household Finance, Macro Finance banking union, microprudential regulation, macroprudential regulation, investor protection, borrower protection 2015-09
April 2013

Deposit insurance suitable for Europe: Proposal for a three-stage deposit guarantee scheme with limited European liability

Jan Pieter Krahnen Financial Institutions banking union; deposit insurance; bank risk 2013-04

Research Projects on Private Finance

Category Project Researcher Project Duration Keywords Project ID Publication Count
Household Finance

Financial decision making and present bias

Andrej Gill, Florian Hett, Johannes Tischer 2017 financial mistakes, transaction data, household finance, time-inconsistency, present bias, time preferences, online experiment, randomized controlled trial, preference heterogeneity, commitment devices, nudging 21321 0
Household Finance

Assessing the impact of mandatory financial guarantees in individual retirement accounts on saving, work, and retiree wellbeing: The case of German Riester plans

Daniel Liebler, Raimond Maurer, Olivia S. Mitchell 2017 Household Finance, Riester Pension Plans, Individual Retirement Accounts, Money-back Guarantees, Pension Regulation, Welfare analysis, Longevity Risk, Annuities, Social Security Claiming, Lifecycle Portfolio Choice 21320 0
Household Finance

How Does On-line/P2P Lending Fit Into the Consumer Credit Market

Nicola Mano, Loriana Pelizzon, Paolo Tasca, Anjan Thakor, Calebe de Roure 2017 P2P lending, financial intermediation, consumer credit 21322 0
Macro Finance, Household Finance

Optimal Taxation and Education Subsidies

Fabian Becker, Dirk Krueger, Alexander Ludwig 2016 21002 1
Household Finance

Financial Networks in the Field

Paul Gortner, Joel van der Weele 2016 21650 1
Macro Finance

Preparedness for Retirement and Old Age Poverty in Germany

Raphael Abiry, Patricia Gallego Granados, Johannes Geyer, Nils Grevenbrock, Peter Haan, Osman Küçüksen, Alexander Ludwig, Holger Lüthen 2016 old age poverty, preparedness for retirement, pension reform 21522 0
Household Finance

How do Households Learn to Use a New Financial Product? Savings Behavior in the Plan, Crowd-Out, and the Role of Social Interactions

Satyajit Dutt, David Love, Nathanael Vellekoop 2016 financial products, household savings, crowd-out, social interactions, administrative data 21921 0
Financial Markets, Household Finance

Bequeathing illiquid assets across generations in an aging society

Holger Kraft, Farina Weiss 2016 demographic change, overlapping generations, household finance, asset pricing, welfare, life cycle 21660 1
Macro Finance, Household Finance

Tax treatment and inequality in labor market behavior

Nicola Fuchs-Schündeln, Paul Reimers 2016 21670 1
Household Finance, Financial Institutions

Demographic changes, optimal design of life insurance contracts and household welfare

Helmut Gründl, Martin Götz, Holger Kraft, Raimond Maurer 2016 21660 1
Financial Markets, Household Finance

Time-Varying Preferences and International Capital Markets

Giuliano Curatola, Ilya Dergunov 2016 Asset pricing, general equilibrium, heterogeneous agents, interdependent preferences, portfolio choice 21650 1
Household Finance

Get ahead of the Joneses: Social Status

Holger Kraft, Christoph Kühn, André Müller 2016 21650 1
Macro Finance, Household Finance

Financial Frictions and Inequality

Alexander Ludwig, Alexander Monge-Naranjo, Ctirad Slavik, Faisal Sohail 2016 21670 1
Household Finance, Financial Institutions

Social Networks and Informal Lines of Credit

Olga Goldfayn, Nathanael Vellekoop 2016 Personality; Household consumption and Savings 21650 1
Household Finance

Evaluating the benefits of hedging longevity risk using life annuities with liquidity options

Vanya Horneff, Raimond Maurer, Olivia S. Mitchell 2016 21660 1
Financial Institutions, Financial Markets

Financial interactions in the presence of ambiguity

Peter Ockenfels, Christian Wilde 2016 21650 1
Household Finance

Equity of opportunities, educational achievement, and financial literacy

Horst Entorf, Jia Hou 2016 21670 1
Household Finance, Financial Institutions

Legal feasibility of proposed changes to the regulation of life insurance contracts

Jens Gal 2016 21660 1
Household Finance

Spreading Financial Literacy Among Peers

Alessandro Gioffré, Yuri Pettinicchi 2016 risk-sharing, financial globalisation, aggregate demand, monitoring 21650 1
Macro Finance, Household Finance

Inequality and Assortative Matching

Nicola Fuchs-Schündeln, Zhao Jin, Alexander Ludwig 2016 21670 1
Household Finance, Financial Institutions

Household liquidity risk management and insurance companies’ investment behavior

Yangming Bao, Irina Gemmo, Helmut Gründl, Martin Götz 2016 21660 1
Household Finance

Non-financial life-cycle decisions and their impact on consumption-portfolio choice with unspanned labor income

Christoph Hambel, Holger Kraft, Peter Schwamborn 2016 21392 1
Household Finance

How Insider Trading Endorses Firm Product Innovation

Jeroen Derwall, Arvid Hoffmann, Joost Pennings, Simone Wies 2016 Firm product innovation, insider trading, abnormal stock returns, signaling 21015 0
Household Finance

How to Beat the Post-IPO Innovation Drain

Christine Moorman, Simone Wies 2016 Breakthrough innovation, stock market impact, experience, IPO 21015 0
Household Finance

Entwicklung der Einkommensungleichheit in Deutschland während der Finanzkrise

Nicola Fuchs-Schündeln 2015 11340 0
Household Finance

Financial Networks in the Laboratory

Paul Gortner, Joel van der Weele 2015 21650 1
Household Finance

Shareholder Complaints and Marketing Investments

Jaakko Aspara, Arvid Hoffmann, Joost Pennings, Simone Wies 2015 Shareholder complaints, marketing investments, advertising, spillovers effects, firm value 21912 0
Household Finance

The Influence of Health Risks on the Optimal Portfolio Selection of Private Investors in the Life Cycle

Vanya Horneff, Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla 2015 health risk, optimal consumption decision, optimal portfolio decision, longevity risk 21391 1
Household Finance

How does lifelong learning influence consumption portfolio choice?

Christoph Hambel, Holger Kraft, Claus Munk, Peter Schwamborn, Sebastian Wagner, Farina Weiss 2014 Education, Human capital, Consumption, Leisure 11332 1
Household Finance

Determinants of Young Adults’ Financial Behavior

Victoria Serra-Sastre, Eirini Tatsi, Nathanael Vellekoop 2014 household finance, social interactions, spatial econometrics 11337 0
Household Finance

An Experimental Investigation of the Effect of Anxiety on Performance in and Self-Selection into Dynamic Investment Tasks

Marie Lalanne, Peter Schwardmann, Paul Seabright 2014 dynamic decision making, anxiety, experimental economics, bubbles, risk aversion 11339 0
Financial Institutions, Systemic Risk Lab

Interconnectedness of insurance companies

Mila Getmansky Sherman, Giulio Girardi, Stanislava Nikolova, Loriana Pelizzon, Kathleen Weiss Hanley 2014 Regulation, Systemic risk, portfolio exposures, networks, Insurance companies 12127 0
Household Finance

Household decisions when stocks, labor income and house prices share a common trend

Christoph Hambel, Holger Kraft, Claus Munk, Sebastian Wagner, Farina Weiss 2014 Return predictability, house prices, labor income, stock prices, human capital, time-varying expectations, optimal life-cycle consumption and investment, renting vs.owning, intertemporal hedging, stock market participation, welfare loss 11335 1
Household Finance

Bonus Income and Household Saving

David Card, Nathanael Vellekoop 2014 household finance, behavioral economics, permanent income hypothesis, household bargaining 11338 0
Macro Finance, Household Finance

Housing wealth across cultures, institutional environments, and life cycles

Enzo Cerletti, Ester Faia, Michael Haliassos, Spyros Palligkinis 2014 housing investment, status utility, bequest, portfolio decisions, borrowing constraints 11524 0
Financial Institutions

The Impact of Interest Rate and Mortality Risks on the Solvency Situation of Life Insurance Companies

Elia Berdin, Helmut Gründl 2014 Life Insurers, Interest Rate Guarantees, Risk Assessment, Solvency II, Effects of Monetary Policy 21180 1
Household Finance

Consumption-portfolio Choice with Critical Illness

Christoph Hambel, Holger Kraft, Mogens Steffensen, Sebastian Wagner, Farina Weiss 2014 Health shocks, Health expenses, Labor income risk, Stochastic mortality risk, Portfolio choice 11334 1
Household Finance

Households willingness to delay Social Security benefits

Vanya Horneff, Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla 2014 Life Cycle Portfolio Choice, Asset Allocation, Household Finance, Life Insurance, Social Security 11331 1
Household Finance

Household Finance: Legal and institutional framework

Kai Jungbluth, Kosmas Kaprinis, Thomas Kelm, Katja Langenbucher, Tobias Tröger 2013 Household finance, investor protection, MiFid 11329 1
Household Finance

Are financial advisors (good) match-makers?

Thomas Otter 2013 financial advice, rule based recommendations, heterogeneity, retirement saving, survey based experiments, Bayesian inference 11327 0
Household Finance

Implications of financial market imperfections for wealth and debt accumulation in the household sector

Hector Calvo-Pardo, Chryssi Giannitsarou, Andreas Hackethal, Michael Haliassos, Thomas Jansson, Yigitcan Karabulut 2013 11390 1
Household Finance

Numerical Methods in Life-Cycle Portfolio Choice with Labor Income, Housing and Biometric Risk

Holger Kraft, Claus Munk, Frank Thomas Seifried, Sebastian Wagner, Farina Weiss 2013 Labor income risk, Consumption, Portfolio choice, Insurance, Durable good 11323 1
Household Finance

How Does Household Financial Behavior Respond to Changes in the Economic Environment?

Nicola Fuchs-Schündeln, Michael Haliassos 2013 household finance, product awareness, natural experiment 11321 1
Household Finance

Culture and Household Financial Behavior

Michael Haliassos, Thomas Jansson, Yigitcan Karabulut 2013 Household Finance, Culture, Institutions, European Integration 11350 1
Household Finance

Portfolio Reporting: How to help individual Investors Learn From Past Mistakes

Sophie Ahlswede, Andreas Hackethal, Steffen Meyer 2013 Individual investor decisions, risk perception, risk reportung, financial literacy, peer benchmarking, nudges 11325 1
Household Finance

Revealed Preferences and Risk Aversion in Financial Markets - new Empirical Evidence from a Maximum Likelihood Approach

Andreas Hackethal, Sven-Thorsten Jakusch, Steffen Meyer 2013 Individual Investment behavior, round trip trades, prospect theory, expected utility, heterogeneity of preferences, time stability of preferences 11326 1

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