Essec\Faculty\Model\Contribution {#2216
#_index: "academ_contributions"
#_id: "11140"
#_source: array:26 [
"id" => "11140"
"slug" => "rich-pickings-risk-return-and-skill-in-household-wealth"
"yearMonth" => "2020-09"
"year" => "2020"
"title" => "Rich Pickings? Risk, Return, and Skill in Household Wealth"
"description" => "BACH, L., CALVET, L.E. et SODINI, P. (2020). Rich Pickings? Risk, Return, and Skill in Household Wealth. <i>American Economic Review</i>, 110(9), pp. 2703-2747."
"authors" => array:3 [
0 => array:3 [
"name" => "BACH Laurent"
"bid" => "B00007940"
"slug" => "bach-laurent"
]
1 => array:1 [
"name" => "CALVET Laurent E."
]
2 => array:1 [
"name" => "SODINI Paolo"
]
]
"ouvrage" => ""
"keywords" => array:8 [
0 => "Household finance"
1 => "inequality"
2 => "risk-taking"
3 => "factor-based investing"
4 => "leverage"
5 => "real estate"
6 => "private equity"
7 => "cost of debt"
]
"updatedAt" => "2021-09-24 10:33:27"
"publicationUrl" => "https://www.aeaweb.org/articles?id=10.1257/aer.20170666"
"publicationInfo" => array:3 [
"pages" => "2703-2747"
"volume" => "110"
"number" => "9"
]
"type" => array:2 [
"fr" => "Articles"
"en" => "Journal articles"
]
"support_type" => array:2 [
"fr" => "Revue scientifique"
"en" => "Scientific journal"
]
"countries" => array:2 [
"fr" => null
"en" => null
]
"abstract" => array:2 [
"fr" => "We investigate wealth returns on an administrative panel containing the disaggregated balance sheets of Swedish residents. The expected return on household net wealth is strongly persistent, determined primarily by systematic risk, and increasing in net worth, exceeding the risk-free rate by the size of the equity premium for households in the top 0.01 percent. Idiosyncratic risk is transitory but generates substantial long-term dispersion in returns in top brackets. Systematic and idiosyncratic risk both drive the cross-sectional distribution of the geometric average return over a generation. Furthermore, wealth returns explain most of the historical increase in top wealth shares."
"en" => "We investigate wealth returns on an administrative panel containing the disaggregated balance sheets of Swedish residents. The expected return on household net wealth is strongly persistent, determined primarily by systematic risk, and increasing in net worth, exceeding the risk-free rate by the size of the equity premium for households in the top 0.01 percent. Idiosyncratic risk is transitory but generates substantial long-term dispersion in returns in top brackets. Systematic and idiosyncratic risk both drive the cross-sectional distribution of the geometric average return over a generation. Furthermore, wealth returns explain most of the historical increase in top wealth shares."
]
"authors_fields" => array:2 [
"fr" => "Finance"
"en" => "Finance"
]
"indexedAt" => "2024-12-22T01:21:46.000Z"
"docTitle" => "Rich Pickings? Risk, Return, and Skill in Household Wealth"
"docSurtitle" => "Journal articles"
"authorNames" => "<a href="/cv/bach-laurent">BACH Laurent</a>, CALVET Laurent E., SODINI Paolo"
"docDescription" => "<span class="document-property-authors">BACH Laurent, CALVET Laurent E., SODINI Paolo</span><br><span class="document-property-authors_fields">Finance</span> | <span class="document-property-year">2020</span>"
"keywordList" => "<a href="#">Household finance</a>, <a href="#">inequality</a>, <a href="#">risk-taking</a>, <a href="#">factor-based investing</a>, <a href="#">leverage</a>, <a href="#">real estate</a>, <a href="#">private equity</a>, <a href="#">cost of debt</a>"
"docPreview" => "<b>Rich Pickings? Risk, Return, and Skill in Household Wealth</b><br><span>2020-09 | Journal articles </span>"
"docType" => "research"
"publicationLink" => "<a href="https://www.aeaweb.org/articles?id=10.1257/aer.20170666" target="_blank">Rich Pickings? Risk, Return, and Skill in Household Wealth</a>"
]
+lang: "en"
+"_type": "_doc"
+"_score": 8.543328
+"parent": null
}
