| Institution: | 1. Laurent E. Calvet is at EDHEC Business School. Claire Célérier is at the University of Toronto. Paolo Sodini is at the Stockholm School of Economics. Boris Vallée is at Harvard Business School. We are indebted to the Editor Stefan Nagel and two anonymous referees for their valuable feedback. We are grateful to Francisco Gomes for making the code of his life-cycle model available to us and to Nick Barberis for his insights on recursive preference theory. We thank John Y. Campbell, Shawn Cole, Daniel Dorn (EFA discussant), Sebastian Ebert, Andra Ghent (discussant), Valentin Haddad (WFA discussant), Johan Hombert, Vincent Van Kervel (discussant), Lars Norden (discussant), Michaela Pagel (NBER discussant), Kim Peijnenburg, Wenlan Qian (Bank of England-Imperial Workshop discussant), Tarun Ramadorai (CEPR discussant), Daniel Schmidt (discussant), Emil Siriwardane, Andrei Shleifer, Erik Stafford, and Christophe Tonetti (NBER discussant) for constructive suggestions. We also acknowledge helpful comments from seminar participants at Arrowstreet Capital, Babson College, BI Norwegian Business School, Bocconi, CEMFI, Columbia University, EDHEC, Erasmus University, Florida State University, Goethe University Frankfurt, Harvard University, HEC Paris, King's College, NHH Bergen, Tilburg University, the Toulouse School of Economics, UCLA, Universidad Católica de Chile, the University of Alberta, the University of Cambridge-Judge, the University of Maastricht, University of Mannheim, the University of North Carolina, the University of Oxford-Said, the University of Pennsylvania-Wharton, the University of Rochester, the University of Texas at Dallas, the University of Toronto, the University of Washington, Yale University, the Brazilian Finance Society, the IFSID Montreal conference, the 2017 EIEF Junior Finance conference, the 2016 AFFI-Eurofidai Conference, the 2017 meeting of the European Finance Association, the 2017 NBER Behavioral Finance meeting, the 2018 NBER Household Finance meeting, the 2018 Western Finance Association meeting, and the 2019 CEPR Household Finance meeting. We thank Nikolay Antonov, Huseyin Aytug, George Cristea, Botir Kobilov, Purnoor Tak, Alexey Vasilenko, and Dolly Yu for excellent research assistance. The authors are grateful to IFSID for generous financial support. All errors are ours only. We have read The Journal of Finance disclosure policy and have no conflicts of interest to 2. disclose. |
