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[11月30日]劳动经济学workshop

发布日期：2018-11-27 09:12    来源：北京大学国家发展研究院

Forced Retirement Risk and Portfolio Choice

时间: 2018年11月30日（周五）14：00 – 15：30

地点: 北京大学致福轩会议室

主持人: 雷晓燕、张丹丹、赵耀辉

报告人: 陈国栋

摘要： The literature on the effect of labor income on portfolio choice overlooks that workers face a risk of being forced to retire before their planned retirement age. Using the Health and Retirement Study data, this paper finds the forced retirement risk to be significant and also highly correlated with stock market fluctuations. Using a life-cycle portfolio choice model, this paper shows that forced retirement risk makes labor income near retirement stock-like. Therefore, contrary to conventional wisdom, those who are still working but near retirement should have a lower share of risky assets in their financial portfolios than retirees do.

报告人简介：Guodong Chen is an assistant professor of finance in NYU Shanghai. He got his M.A. in Economics from CCER in 2009 and Ph.D. in Economics from University of Michigan, Ann Arbor in 2016. His research focuses on banking, household finance, corporate finance and behavioral finance.

 


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