The Impact of Different Risk Aversions on The Bond-Stock Mix: A Note (notice n° 167123)
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| fixed length control field | 02108cam a2200181 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250112034211.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Attaoui, Sami |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | The Impact of Different Risk Aversions on The Bond-Stock Mix: A Note |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2016.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 88 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | Cet article étudie l’allocation d’actifs d’un investisseur qui a, contrairement aux précédentes études, une aversion au risque pour sa consommation supérieure à celle de sa richesse. Nous montrons qu’une telle aversion au risque implique un investissement plus important dans les obligations. La part de la richesse destinée à satisfaire la consommation future décroit avec l’aversion au risque de la consommation lorsque l’investisseur est suffisamment riche. A contrario, un investisseur avec une consommation courante proche de zéro place tout son argent pour sa consommation future par opposition à sa richesse terminale. Enfin, l’aversion au risque comme fonction de l’aversion au risque de la consommation n’est pas monotone. |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | This paper reexamines the issue of bond stock allocation by considering, contrary to existing literature, that the risk aversion towards consumption is higher than that towards wealth. We mainly find that a higher risk aversion towards consumption significantly increases the bond-stock ratio, due to, in particular an increase in the bond demand. Also, we find that the proportion of wealth used to satisfy future consumption decreases with the risk aversion towards consumption when the investor is sufficiently rich. Next, we show that when the investor’s current consumption decreases to zero, she saves all her wealth to meet future consumption and leaves nothing for her bequest. Finally, we find that the relative risk aversion exhibits a hump shaped pattern in the coefficient of the risk aversion towards consumption. |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Six, Pierre |
| Relator term | author |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Finance | Vol.36 | 3 | 2016-05-24 | p. 85-111 | 0752-6180 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/journal-finance-2015-3-page-85?lang=en">https://shs.cairn.info/journal-finance-2015-3-page-85?lang=en</a> |
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