Limited Capital Market Participation and Human Capital Risk

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Jonathan Berk; Johan Walden;
  • Subject:
    • jel: jel:G12 | jel:G11 | jel:J24

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 hold... View more
  • References (26)
    26 references, page 1 of 3

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