Portfolio Choice and Asset Prices: The I
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John Heaton; Deborah Lucas
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Article
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2000
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John Wiley and Sons
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English
β 158 KB
Using crossβsectional data from the SCF and Tax Model, we show that entrepreneurial income risk has a significant influence on portfolio choice and asset prices. We find that households with high and variable business income hold less wealth in stocks than other similarly wealthy households, althoug