Occupational choice and the private equity premium puzzle

Journal of Economic Dynamics and Control

Volumn 29, Issue 10, 2005, Pages 1765-1783

  Hintermaier, Thomas ^a   Steinberger, Thomas ^b,c  

^a INSTITUTE FOR ADVANCED STUDIES   (Austria)

^b UNIVERSITY OF SALERNO   (Italy)

^c CSEF   (Italy)

Author keywords

Life cycle models; Occupational choice; Private equity

Indexed keywords

EID: 24644448305     PISSN: 01651889     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jedc.2004.11.001     Document Type: Article

References (34)

1. A. Auerbach L. Kotlikoff Dynamic Fiscal Policy 1987 Cambridge University Press New York
2. A. Banerjee A. Newman Occupational choice and the process of development Journal of Political Economy 102 2 1993 274-298
3. Bilias, Y., Haliassos, M., 2004. The distribution of gains from access to stocks. CSEF Working Papers No. 125.
4. Bitler, M., Moskowitz, T., Vissing-Jorgensen, A., 2005. Testing agency theory with entrepreneur effort and wealth. Journal of Finance, forthcoming, April 2005.
5. Budria, S., Diaz-Gimenez, J., Quadrini, V., Rios-Rull, J.V., 2002. Updated facts on the distributions of earnings, income and wealth, Quarterly Review, Federal Reserve Bank of Minneapolis, pp. 2-35.
6. Cagetti, M., DeNardi, M., 2002. Entrepreneurship, frictions and wealth, Federal Reserve Bank of Minneapolis Working Papers No. 620.
7. Campbell, J., Cocco, J., Gomes, F., Maenhout, P., 1999. Investing retirement wealth? A life cycle model, Harvard Institute of Economic Research Discussion Papers No. 1896.
8. J. Campbell L. Chan L. Viceira A multivariate model of strategic asset allocation Journal of Financial Economics 67 1 2003 41-80
9. J. Conesa D. Krueger Social security reform with heterogeneous agents Review of Economic Dynamics 2 1999 757-795
10. G.M. Constantinides J.B. Donaldson R. Mehra Junior can't borrow: A new perspective on the equity premium puzzle The Quarterly Journal of Economics 117 1 2002 269-296
11. Davis, S., Kubler, F., Willen, P., 2002. Borrowing costs and the demand for equity over the life-cycle, NBER Working Papers No. w9331.
12. D.S. Evans Tests of alternative theories of firm growth Journal of Political Economy 95 4 1987 657-674
13. D.S. Evans B. Jovanovic An estimated model of entrepreneurial choice under liquidity constraints Journal of Political Economy 97 4 1989 808-827
14. Gentry, W., Hubbard, G., 2000. Entrepreneurship and household saving, NBER Working Papers No. w7894.
15. P.-O. Gourinchas J. Parker Consumption over the life cycle Econometrica 70 1 1999 47-89
16. L. Guiso M. Haliassos T. Jappelli Household Portfolios 2001 MIT Press Cambridge
17. B.H. Hamilton Does entrepreneurship pay? an empirical analysis of the returns to self-employment Journal of Political Economy 108 2000 604-631
18. J. Heaton D. Lucas Portfolio choice and asset prices: The importance of entrepreneurial risk Journal of Finance 55 2000 1163-1198
19. D. Holtz-Eakin D. Joulfaian H.S. Rosen Sticking it out: Entrepreneurial survival and liquidity constraints Journal of Political Economy 102 1 1994 53-75
20. G. Hubbard K. Judd Social security and individual welfare: Precautionary saving, borrowing constraints, and the payroll tax American Economic Review 77 4 1987 630-646
21. E. Hurst A. Lusardi Liquidity constraints, wealth accumulation and entrepreneurship Journal of Political Economy 112 2 2004 808-827
22. J.-J. Laffont R. Kihlstrom A general equilibrium entrepreneurial theory of firm formation based on risk aversion Journal of Political Economy 87 1979 808-827
23. D. Laibson A. Repetto J. Tobacman Self-control and saving for retirement Brookings Papers on Economic Activity 1 1998 91-172
24. R.C. Merton Lifetime portfolio selection under uncertainty: The continuous time case Review of Economics and Statistics 51 1969 247-257
25. T. Moskowitz A. Vissing-Jorgensen The private equity premium puzzle American Economic Review 92 4 2002 745-778
26. V. Polkovnichenko Human capital and the private equity premium Review of Economic Dynamics 6 4 2003 831-845
27. Polkovnichenko, V., 2004. Limited stock market participation and the equity premium. Finance Research Letters 1, 24-34.
28. V. Quadrini The importance of entrepreneurship for wealth concentration and mobility Review of Income and Wealth 45 1 1999 1-19
29. P.A. Samuelson Lifetime portfolio selection by stochastic dynamic programming Review of Economics and Statistics 51 1969 239-246
30. J.A. Schumpeter The Theory of Economic Development 1934 Harvard University Press Cambridge
31. US National Center for Health Statistics, 1994. Vital Statistics of the United States, Department of Health and Human Services, Washington, DC.
32. Vissing-Jorgensen, A., 2002. Towards an explanation of household portfolio choice heterogeneity: Non-financial income and participation cost structures, NBER Working Papers No. w8884.
33. Wang, Y., 2003. Participation decision and portfolio choice over the life-cycle. Mimeo, University of Chicago.
34. Willen, P., 2003. Entrepreneurial investment in a life-cycle portfolio choice model. Mimeo, University of Chicago.