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| Author: | Dominitz, J. Manski, C.F. |
| Title: | Expected equity returns and portfolio choice: Evidence from the health and retirement study |
| Journal: | Journal of the European Economic Association
2007 : APR/MAY, VOL. 5:2-3, p. 369-379 |
| Index terms: | portfolio selection equities expectations surveys USA |
| Language: | eng |
| Abstract: | This paper presents new findings on the expected returns reported in the 2004 Health and Retirement Study. There is found substantial heterogeneity of reported beliefs, but, strikingly, nearly 2/3 of respondents report no better than a 50-50 chance of a positive nominal return. Expected returns decline with age and are higher for men than for women. It is found that the probability of holding stocks increases substantially as the perceived chance of a positive return increases. |
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