WP 2024-04 Human Capital Risk and Portfolio Choices: Evidence from University Admission Discontinuities

Posted On February 18, 2025
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Published in April 2024 in Journal of Financial Economics, Vol. 154.

AUTHORS: Philippe d'Astous and Stephen Shore

ABSTRACT: Theory suggests that increasing idiosyncratic, uninsurable labor income risk may cause individuals to reduce the risk in their financial assets. This relationship is confounded empirically by the tendency of risk tolerant people to… more »

WP 2016-11 Once Bitten, Twice Shy: The Role of Inertia and Personal Experience in Risk Taking

Posted On November 14, 2016
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Published in 2019 in Journal of Financial Economics, Volume 132, Issue 3.

AUTHORS: Steffen Andersen, Tobin Hanspal, Kasper Meisner Nielsen

ABSTRACT: We study whether personal experiences are so powerful that they make individuals actively shy away from risk. Our research design relies on portfolio decisions relating to inheritances, which alter the… more »