Health status and portfolio choice: Causality or heterogeneity?

Journal of Banking and Finance

Volumn 33, Issue 6, 2009, Pages 1079-1088

  Fan, Elliott ^a   Zhao, Ruoyun ^b  

^a AUSTRALIAN NATIONAL UNIVERSITY   (Australia)

^b UNIVERSITY OF TECHNOLOGY SYDNEY   (Australia)

Author keywords

Causality; Health; Heterogeneity; Portfolio choice

Indexed keywords

EID: 62949139671     PISSN: 03784266     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbankfin.2008.12.019     Document Type: Article

References (25)

1. Adams P., Husrd M.D., McFadden D., Merrill A., and Ribeiro T. Healthy, wealthy, and wise? Tests for direct causal paths between health and socioeconomic status. Journal of Econometrics 112 (2003) 3-56
2. Antonovics K., Haveman R., Holden K., and Wolfe B. Attrition in the new beneficiary survey and followup, and its correlates. Social Security Bulletin 63 (2000) 40-51
3. Baptista A. Optimal delegated portfolio management with background risk. Journal of Banking and Finance 32 (2008) 977-985
4. Berkowitz M.K., and Qiu J. A further look at household portfolio choice and health status. Journal of Banking and Finance 30 (2006) 1201-1217
5. Blau F.D., and Graham J.W. Black-white differences in wealth and asset composition. Quarterly Journal of Economics 105 (1990) 321-339
6. Bound J. Self-reported vs. objective measures of health in retirement models. Journal of Human Resources 26 (1991) 106-138
7. Cardak B.A., and Wilkins R. The determinants of household risky asset holdings: Australian evidence on background risk and other factors. Journal of Banking and Finance 33 (2009) 850-860
8. Coile, C., Milligan, K., 2006. How household portfolios evolve after retirement: the effect of aging and health shocks. Working Paper 12391, NBER.
9. Costa D.L. Health and labor force participation of older men, 1900-1991. Journal of Economic History 56 (1996) 62-89
10. Crossley T.F., and Kennedy S. The reliability of self-assessed health status. Journal of Health Economics 21 (2002) 643-658
11. Cutler D.M., Deaton A.S., and Lleras-Muney A. The determinants of mortality. Journal of Economic Perspectives 20 (2006) 97-120
12. Deaton A.S., and Paxson C. Health, income, and inequality over the life cycle. In: Wise D.A. (Ed). Frontiers in the Economics of Aging (1998), The University of Chicago Press, Chicago
13. Edwards R.D. Health risk and portfolio choice. Journal of Business and Economic Statistics 26 (2008) 472-485
14. Eeckhoudt L., Gollier C., and Schlesinger H. Changes in background risk and risk-taking behavior. Econometrica 64 (1996) 683-689
15. Goldman N. Social inequalities in health: Disentangling the underlying mechanisms. Annals of the New York Academy of Sciences 954 (2001) 118-139
16. Hurd M., and Kapteyn A. Health, wealth, and the role of institutions. Journal of Human Resources 38 (2003) 386-415
17. Hurst E., Luoh M.C., and Stafford F.P. The wealth dynamics of American families, 1984-1994. Brookings Papers on Economic Activity 29 (1998) 267-329
18. Lindahl M. Estimating the effect of income on health and mortality using lottery prizes as exogenous source of variation in income. Journal of Human Resources 40 (2005) 144-168
19. McClellan M. Health events, health insurance, and labor supply: evidence from the health and retirement study. In: Wise D.A. (Ed). Frontiers in the Economics of Aging (1998), The University of Chicago Press, Chicago
20. Meer J., Miller D.T., and Rosen H.S. Exploring the health-wealth nexus. Journal of Health Economics 22 (2003) 713-730
21. Normandin M., and St-Amour P. An empirical analysis of aggregate household portfolios. Journal of Banking and Finance 32 (2008) 1583-1597
22. Rosen H.S., and Wu S. Portfolio choice and health status. Journal of Financial Economics 72 (2004) 457-484
23. Smith J.P. Healthy bodies and thick wallets: the dual relationship between health and economic status. Journal of Economic Perspectives 13 (1999) 145-166
24. Smith, P., Love, D., 2007. Does Health Affect Portfolio Choice? Finance and Economics Discussion Series 2007-45, Board of Governors of the Federal Reserve System (US).
25. Wolff E.N. Changes in Household Wealth in the 1980s and 1990s in the US. In: Wolff E.N. (Ed). International Perspectives on Household Wealth (2006), Edward Elgar Publishing Ltd., UK