. The evidence is inconsistent with a risk-based explanation for the return differential …

for liquid assets by adding uninsured individual risk together with differential costs of trading securities. We then …

international context. We present a two-country macroeconomic model in which agents are risk averse, assets are imperfect …

model of the risk premium …

options in defined contribution retirement plans. We document large differences in realized TDF returns and risk profiles … reflects optimal risk-taking by fund families with low market share, especially those entering the market after 2006. Using … plan-level data, we find little evidence that 401(k) plan sponsors match the risk profile of the TDFs in their plans to the …

an additional hedging motif driven by the interaction between real exchange rate risk and ambiguity aversion. What … matters is the long-run as opposed to the short-run risk. Domestic equity is a good hedge with respect to long-run real … exchange rate risk even when bonds are traded. The higher is the degree of ambiguity aversion, the stronger is the home bias …