| Institution: | 1. Correspondence: Amir Kermani, Haas School of Business, UC Berkeley 2220 Piedmont ave, Berkeley, CA 94720 510-664-4132;2. e-mail: kermani@berkeley.edu.;3. Marco Di Maggio is with Harvard Business School and NBER. Amir Kermani is with UC Berkeley and NBER. Kaveh Majlesi is with Lund University, Monash University, CEPR, IFN, and IZA. The data used in this paper come from the Swedish Interdisciplinary Panel (SIP) administered at the Centre for Economic Demography, Lund University, Sweden. We thank two anonymous referees, an Associate Editor, and the Editor, Stefan Nagel, for helpful comments that significantly improved the paper. We also thank Malcolm Baker;4. James Cloyne;5. Chris Carroll;6. Francesco D'Acunto;7. Samuel Hartzmark;8. Luigi Guiso;9. Matti Keloharju;10. Ralph Koijen;11. David Laibson;12. Geng Li;13. Jonathan Parker;14. Luigi Pistaferri;15. Larry Schmidt;16. Paolo Sodini;17. David Sraer;18. Stijn Van Nieuwerburgh;19. Gianluca Violante;20. Roine Vestman;21. Annette Vissing-Jørgensen;22. and seminar participants at the 2017 meeting of the Econometric Society, New York University Conference on Household Finance, CEPR Household Finance Workshop in Copenhagen, Helsinki Finance Summit, NBER SI Consumption Micro to Macro, MIT Sloan, UCSD, CREI and UPF, NY Fed, UC Berkeley, University of Zurich, SFS Cavalcade, the European Finance Association, and the Western Finance Association for helpful comments. We thank Terrance Odean for providing data from a large brokerage in the United States. Leonel Drukker and Erik Grenestam provided excellent research assistance. Kermani is grateful for research support from the Fisher center for Real Estate and Urban Economics and Majlesi acknowledges research support from Jan Wallanders and Tom Hedelius Foundation. Aside from these funding sources, all three authors have nothing to disclose with respect to The Journal of Finance disclosure policy. |
