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Tekijä:Lindset, S.
Matsen, E.
Otsikko:Human capital investment and optimal portfolio choice
Lehti:European Journal of Finance
2011 : AUG-SEP, VOL. 17:7-8, p. 539-552
Asiasana:portfolio selection
portfolio management
human capital
investment
hedging
demand
models
Vapaa asiasana:life cycle
wealth
option value
Kieli:eng
Tiivistelmä:In this article they examine the decisions of a life-cycle investor who can invest in his/her own human capital, as well as financial assets, namely analyze how an individual should optimally invest in human capital when he also has financial wealth. They treat the individual's possibilities to take more education as expansion options and apply real option analysis. In addition, they characterize the individual's optimal consumption strategy and portfolio weights. The individual has a demand for hedging financial risk, labor income risk, and also wage level risk.
SCIMA tietueen numero: 274620
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