Limited Capital Market Participation and Human Capital Risk
نویسندگان
چکیده
منابع مشابه
Limited Capital Market Participation and Human Capital Risk
The non-tradability of human capital is often cited for the failure of traditional asset pricing theory to explain agents’ portfolio holdings. In this paper we argue that the opposite might be true — traditional models might not be able to explain agent portfolio holdings because they do not explicitly account for the fact that human capital does trade (in the form of labor contracts). We deriv...
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ژورنال
عنوان ژورنال: Review of Asset Pricing Studies
سال: 2013
ISSN: 2045-9920,2045-9939
DOI: 10.1093/rapstu/rat003