This paper conducts a theoretical and empirical investigation of global portfolio diversification for long-horizon investors in the presence of permanent cash flow shocks and transitory discount rate
Using data on the investments a large number of individual investors made through a discount broker from 1991 to 1996, we find that the stock trades by households with concentrated portfolios outperfo
Household ownership of shares in companies quoted on Swedish market places by sex, age, observations and two times per year Authority responsible for statistics (SAM): Finansinspektionen
