Campanale, Claudio; Fugazza, Carolina; Gomes, Francisco J - C.E.P.R. Discussion Papers - 2015
Traditionally, quantitative models that have studied households' portfolio choices have focused exclusively on the … life-cycle model of portfolio choice. More precisely, in our model, stocks are subject to transaction costs, as considered …' trading, the model is able to generate patterns of portfolio stock allocation over age and wealth that are constant or …