This study examines the stock market entry and exit decisions of U.S. households. We find that around 25% of households enter or exit from their non-retirement investment accounts biennially. Cross-sectional and time-series tests indicate that income risk affects equity ownership turnover. A...

This paper prices the probable economic risk of coronavirus, where possible outcomes range from partial delay of consumption (blip), to a full scale of recession due to disruption of supply chain and labor productivity shock. We present the lifecycle that the virus goes through (Genesis,...

Experimental and field data suggest that a social factor, discrimination, affects the risk perceptions and portfolio decisions of U.S. households. Experiments indicate that minorities perceive greater income risk. Minorities with relatively high risk perceptions are 10% less likely to invest....

We develop a new oil price uncertainty index (OPUX) based on newspaper and social networking coverage. Our index improves on the existing oil ETF volatility index (OVX) because financial markets are inefficient insofar as prices do not reflect all information (Shiller, 1981). Several pieces of...