Arbeitspapier
Hedging labor income risk
We use a detailed panel data set of Swedish households to investigate the relation between their labor income risk and financial investment decisions. In particular, we relate changes in wage volatility to changes in the portfolio holdings for households that switched industries between 1999 and 2002. We find that households do adjust their portfolio holdings when switching jobs, which is consistent with the idea that households hedge their human capital risk in the stock market. The results are statistically and economically significant. A household going from an industry with low wage volatility to one with high volatility will ceteris paribus decrease its portfolio share of risky assets by up to 35%, or USD 15,575.
- Sprache
-
Englisch
- Erschienen in
-
Series: Sveriges Riksbank Working Paper Series ; No. 255
- Klassifikation
-
Wirtschaft
- Thema
-
Haushaltseinkommen
Portfolio-Management
Arbeitsplatzwechsel
Humankapital
Hedging
Schweden
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Betermier, Sebastien
Jansson, Thomas
Parlour, Christine A.
Walden, Johan
- Ereignis
-
Veröffentlichung
- (wer)
-
Sveriges Riksbank
- (wo)
-
Stockholm
- (wann)
-
2011
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Betermier, Sebastien
- Jansson, Thomas
- Parlour, Christine A.
- Walden, Johan
- Sveriges Riksbank
Entstanden
- 2011
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