Life-cycle investing and leverage: buying stock on margin can reduce retirement risk
"By employing leverage to gain more exposure to stocks when young, individuals can achieve better diversification across time. Using stock data going back to 1871, we show that buying stock on margin when young combined with more conservative investments when older stochastically dominates stan...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2008
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
14094 |
| Online-Zugang: | Volltext |
| Zusammenfassung: | "By employing leverage to gain more exposure to stocks when young, individuals can achieve better diversification across time. Using stock data going back to 1871, we show that buying stock on margin when young combined with more conservative investments when older stochastically dominates standard investment strategies?both traditional life-cycle investments and 100%-stock investments. The expected retirement wealth is 90% higher compared to life-cycle funds and 19% higher compared to 100% stock investments. The expected gain would allow workers to retire almost six years earlier or extend their standard of living during retirement by 27 years"--National Bureau of Economic Research web site |
| Beschreibung: | 34, [14] S. graph. Darst. 22 cm |
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| index_date | 2024-07-02T22:41:32Z |
| indexdate | 2024-07-09T21:25:16Z |
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| spelling | Ayres, Ian 1959- Verfasser (DE-588)124548466 aut Life-cycle investing and leverage buying stock on margin can reduce retirement risk Ian Ayres ; Barry J. Nalebuff Cambridge, Mass. National Bureau of Economic Research 2008 34, [14] S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 14094 "By employing leverage to gain more exposure to stocks when young, individuals can achieve better diversification across time. Using stock data going back to 1871, we show that buying stock on margin when young combined with more conservative investments when older stochastically dominates standard investment strategies?both traditional life-cycle investments and 100%-stock investments. The expected retirement wealth is 90% higher compared to life-cycle funds and 19% higher compared to 100% stock investments. The expected gain would allow workers to retire almost six years earlier or extend their standard of living during retirement by 27 years"--National Bureau of Economic Research web site Nalebuff, Barry 1958- Verfasser (DE-588)115439609 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 14094 (DE-604)BV002801238 14094 http://papers.nber.org/papers/w14094.pdf kostenfrei Volltext |
| spellingShingle | Ayres, Ian 1959- Nalebuff, Barry 1958- Life-cycle investing and leverage buying stock on margin can reduce retirement risk |
| title | Life-cycle investing and leverage buying stock on margin can reduce retirement risk |
| title_auth | Life-cycle investing and leverage buying stock on margin can reduce retirement risk |
| title_exact_search | Life-cycle investing and leverage buying stock on margin can reduce retirement risk |
| title_exact_search_txtP | Life-cycle investing and leverage buying stock on margin can reduce retirement risk |
| title_full | Life-cycle investing and leverage buying stock on margin can reduce retirement risk Ian Ayres ; Barry J. Nalebuff |
| title_fullStr | Life-cycle investing and leverage buying stock on margin can reduce retirement risk Ian Ayres ; Barry J. Nalebuff |
| title_full_unstemmed | Life-cycle investing and leverage buying stock on margin can reduce retirement risk Ian Ayres ; Barry J. Nalebuff |
| title_short | Life-cycle investing and leverage |
| title_sort | life cycle investing and leverage buying stock on margin can reduce retirement risk |
| title_sub | buying stock on margin can reduce retirement risk |
| url | http://papers.nber.org/papers/w14094.pdf |
| volume_link | (DE-604)BV002801238 |
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