Since the seminal paper of Vasicek and Fong (1982), the term structures of interest rates have been fitted assuming that yields are cross-sectionally homoskedastic. We show that this assumption does not hold when there are differences in liquidity, even for bonds of the same issuer. Lower...

Recently, many papers have shown evidence of a positive association between financial market participation and wealth holdings. It is often claimed that individuals with a higher level of financial market participation exhibit a higher propensity for planning retirement. In their planning...