Stockholding: Recent Lessons from Theory and Computations

Michael Haliassos

Chapter 2 in Stockholding in Europe, 2003, pp 30-49 from Palgrave Macmillan

Abstract: Abstract This chapter presents recent developments in the theory of optimal portfolio design in a non-technical manner, provides the intuition behind these results, and uses them to interpret important findings in the empirical literature based on high-quality, household-level portfolio data. Where theoretical predictions are confirmed by empirical observation, theory provides a way to interpret empirical findings. Where the two disagree, the mechanisms stressed by theory serve as a first step towards identifying the full set of factors at work and the extent to which household behaviour can be modified to fit objectives better.

Keywords: Stock Market; Stock Return; Mutual Fund; Labour Income; Short Sale (search for similar items in EconPapers)
Date: 2003
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DOI: 10.1057/9780230502673_2

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