Portfolio Choices of Parents and Their Children as Young Adults: Asset Accumulation by African-American Families

摘要

The portfolio-composition decision often is stylized as either a life-cycle choice to allocate income to consumption or as a choice along a risk-return locus, with the locus derived form the underlying market equilibrium of asset re- turns and prices. Empirical work on household financial behavior has identified large differ- ences in wealth levels and in portfolio- composition choices of different demographic groups, well beyond income and risk toler- anece.