Departmental Bulletin Paper ライフイベントと危険資産投資
Life Events and Risky Asset Holdings

上坂, 豪  ,  Uesaka, Takeshi

82 ( 4 )  , pp.85 - 105 , 2015-03-20 , 法政大学経済学部学会
ISSN:00229741
NCID:AN00071028
Description
How risky asset holdings vary with age is one of the important research subjects in the household finance literature. Considering the possibility that age variables in the literature play a role as proxies to various life event experiences that many households have more or less in common, we adopt life stage variables that represent time periods when specic life events occur in a household as new explanatory variables in the estimation of households ’risky asset holdings. Our empirical results show that (1) the age effect still remains after the introduction of life stage variables as regressors, (2) the households ’ risky asset holdings are suppressed during the period when the children go to school, and then return to the previous level after the children have become independent of their parents, and (3) these are the results detected in cases where the household head is a college graduate.
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