SSRN Id2244168

Laurent E.
Calvet - Paolo Sodini
Twin Picks: Disentangling the

Determinants of Risk-Taking in
Household Portfolios
SAFE Working Paper Series No. 13
Electronic copy available at: http://ssrn.com/abstract=2244168

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Electronic copy available at: http://ssrn.com/abstract=2244168

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Table I
Summary Statistics
The table reports summary statistics of the financial, human capital, habit and demographic characteristics of
participating
p p g Swedish households. The first set of columns is based on p pairs in which both twins p
participate
p in riskyy
asset markets, and the second set of columns on a random sample of participating households. For each sample, we
report the cross-sectional mean and standard deviation of each characteristic. For the twin sample, we also report the
correlation of each characteristic between within twin siblings. The education, entrepreneur and unemployment
dummies are computed for the twin in the household. All other characteristics are computed at the household level.
Internal habit is proxied by the household’s three-year average of disposable income, excluding private pension savings
from consideration. External habit is proxied by the three-year average household income in the municipality. All
nominal
i l variables
i bl are winsorized
i i d att the
th 99th percentile.
til
Twins Random sample

Standard Twin Standard
Mean Mean
deviation correlation deviation
Financial characteristics
Risky share 0.543
0 543 0.291
0 291 0.185
0 185 0.515
0 515 0.297
0 297
Financial wealth ($) 46,782 72,718 0.312 45,084 74,133
Residential real estate wealth ($) 100,790 94,456 0.322 97,170 96,147
Commercial real estate wealth ($) 18,388 66,043 0.238 14,128 53,071
Leverage ratio 0.693 1.604 0.179 0.844 2.138
Human capital and income risk
Human capital ($) 760,567
760 567 518,625
518 625 0 478
0.478 758,910
758 910 561,847
561 847
Permanent income risk -0.002 0.089 0.029 -0.001 0.116
Transitory income risk 0.060 0.365 0.042 0.069 0.400
Beta of income innovation w.r.t. portfolio return 0.017 0.494 0.041 0.017 0.542
Entrepreneur dummy 0.036 0.186 0.128 0.038 0.191
Unemployment dummy 0.084 0.277 0.109 0.071 0.256
Habit
Internal habit ($) 36,052 16,901 0.291 35,248 16,629
External habit ($) 25,422 3,210 0.396 25,412 3,172
Demographic characteristics
High school dummy 0.843 0.364 0.365 0.806 0.395
Post-high school dummy 0.371 0.483 0.470 0.356 0.479
Number of adults 1.728 0.445 0.147 1.733 0.443
Number of children 1.005 1.107 0.403 0.989 1.096
Wealth-weighted gender index 0.542 0.325 0.135 0.547 0.325
Number of observations 55,898 55,898 55,898 85,827 85,827
Number of households 16,788 16,788 16,788 30,000 30,000
Number of twin pairs 8,394 8,394 8,394 N/A N/A
Table II
Regression of the Log Risky Share on Characteristics
Panel A reports regressions of the log risky share on household characteristics in the presence of yearly twin pair fixed effects
((first three sets of columns)) or yyearlyy fixed effects ((last set of columns).
) The estimation is based on p
participating
p g households
with an adult twin. Yearly fixed effects are included in the cross-sectional regressions. The education, entrepreneur and
unemployment dummies are computed for the twin in the household. All other characteristics are computed at the household
level. Panel B reports the variance decomposition of the log risky share for each of the four regressions reported in Panel A.
Panel A: Regression Coefficients

Y l T
Yearly Twin
i PPair
i Fi
Fixed
d Eff
Effects
t Y l Fi
Yearly Fixed
d
(1) (2) (3) (4)
Estimate t -stat Estimate t -stat Estimate t -stat Estimate t -stat
Log financial wealth 0.196 24.60 0.224 24.70 0.223 24.60 0.231 38.10
Log residential real estate wealth 0.000 -0.10 0.002 1.03 0.005 2.97
Log commercial real estate wealth -0.007 -3.16 -0.005 -2.43 -0.008 -6.04
Leverage ratio -0.006 -2.49 -0.006 -2.46 -0.007 -2.84
Log human capital -0.004 -0.31 0.002 0.19 0.020 2.10
Permanent income risk -0.222 -1.10 -0.276 -1.32 -0.384 -2.31
Transitory income risk -0.060 -1.58 -0.073 -1.79 -0.120 -2.86
B t off income
Beta i innovation
i ti w.r.t.
t portfolio
tf li return
t 0 034
0.034 1 39
1.39 0 027
0.027 1 09
1.09 0 032
0.032 1 37
1.37
Entrepreneur dummy -0.295 -5.61 -0.257 -4.89 -0.200 -4.93
Unemployment dummy -0.081 -2.74 -0.075 -2.55 -0.090 -3.89
Habit
Log internal habit -0.166 -6.42 -0.089 -2.82 -0.111 -5.30
Log external habit 0.042 0.49 0.038 0.44 -0.059 -1.06
High school dummy 0.046 1.33 0.116 5.27
Post-high school dummy 0.037 1.50 0.066 4.60
Number of adults -0.071 -2.38 -0.110 -5.30
Number of children -0.050 -4.37 -0.037 -5.02
Wealth-weighted gender index -0.076 -2.49 -0.029 -1.33
2
Adj t d R
Adjusted 17 99%
17.99% 18.79%
18 79% 19.10%
19 10% 11.50%
11 50%
Number of observations 55,898 55,898 55,898 55,898
Number of twin pairs 8,394 8,394 8,394 8,394
Table II ̶ Continued
Panel B: Variance Decomposition

Yearly Twin Pair Yearly
(1) (2) (3) (4)
2
Adjusted R 17.99% 18.79% 19.10% 11.50%
Contribution of the variance of:
2

Fixed effect ( ) 9.65% 9.20% 9.13% 1.12%
2

Log financial wealth (f ) 6.94% 9.00% 8.95% 9.61%
2
Other observable characterics (x ) 1.17% 1.59% 1.89%
Contribution of the covariance of:

Fixed effect and financial wealth (2  f ) 1.40% 1.49% 0.84% 0.31%

Fixed effect and other characteristics (2 ,x) 0.01% -0.02% 0.11%

Financial wealth and other characteristics (2 f,x) -2.08% -1.38% -1.54%
Table III
Identical Twins
This table reports regressions of the log risky share on household characteristics in the presence of yearly twin pair fixed
effects ((first three sets of columns)) or yyearlyy fixed effects ((last set of columns).
) The estimation is based on p
participating
p g
households with an adult identical twin. The education, entrepreneur and unemployment dummies are computed for the twin
in the household. All other characteristics are computed at the household level.

(1) (2) (3) (4)
Estimate t -stat
stat Estimate t -stat
stat
Log residential real estate wealth -0.001 -0.31 0.000 0.03 0.005 1.94
Leverage ratio -0.002 -1.07 -0.003 -1.14 -0.002 -1.08
H
Human capital
it l and
d iincome risk
i k
Log human capital 0.022 1.64 0.030 2.25 0.039 3.07
Beta of income innovation w.r.t. portfolio return 0.004 0.12 -0.007 -0.23 -0.020 -0.81
U
Unemployment
l td
dummy -0.023
0 023 -0.46
0 46 -0.013
0 013 -0.27
0 27 -0.041
0 041 -1.12
1 12
Habit
Post high school dummy
Post-high 0 041
0.041 0 81
0.81 0 061
0.061 2 39
2.39
Number of adults -0.009 -0.17 -0.059 -1.61
Wealth-weighted gender index 0.007 0.12 -0.004 -0.09
2
Adjusted R 24.33% 24.62% 25.02% 11.39%
N b off ttwin
Number i pairs
i 2 545
2,545 2 545
2,545 2 545
2,545 2 545
2,545
2

Fixed effect ( ) 15.95% 15.62% 15.55% 1.11%
2

2

Table IV
Communication
The table reports the financial wealth elasticity of the risky share and the variance decomposition estimated on the set of twins
who communicate infrequently
q y ((left set of columns of each ppanel)) or frequently
q y ((right
g set of each p
panel)) with each other. The
results are based on regressions of the log risky share on all household characteristics (used in the third set of columns of
Table II) and include either yearly twin pair fixed effects or yearly fixed effects, estimated on all twins (Panel A) or on identical
twins (Panel B). The full regression results are reported in the Internet Appendix.
Panel A: All Twins

Infrequent Communication Frequent Communication
Fixed Effect Yearly Twin Pair Yearly Yearly Twin Pair Yearly
Log financial wealth 0.241 0.244 0.205 0.230
2
Adjusted R 15.32% 12.54% 27.33% 11.77%
2

Fixed effect ( ) 4.63% 1.37% 19.73% 1.06%
2

2

Other observable characterics (x ) 2.16% 2.12% 2.50% 2.38%
Number of twin pairs 1 385
1,385 1 385
1,385 1 376
1,376 1 376
1,376
Panel B: Identical Twins
Fixed Effect Yearly Twin Pair Yearly Yearly Twin Pair Yearly
2
Adjusted R 15.02% 11.11% 40.24% 13.59%
2

Fixed effect ( ) 6.95% 0.87% 32.42% 0.74%
2

2

Other observable characterics (x ) 2.95% 1.64% 4.71% 3.40%
Number of twin pairs 419 419 370 370
Table V
Elasticity of the Risky Share Across Financial Wealth Quartiles
This table reports yearly twin pair fixed effects regressions of the log risky share on: (1)
financial wealth interacted with dummies for financial wealth q quartiles ((first set of
columns), and (2) other characteristics (second set of columns). The education,
entrepreneur and unemployment dummies are computed for the twin in the household.
All other characteristics are computed at the household level.
(1) (2)
Estimate t -stat Estimate t -stat
Financial wealth quartile
Lowest 0.289 18.10 0.331 18.90
2 0.224 15.80 0.243 16.80
3 0.150 10.90 0.171 12.30
4 0.101 7.68 0.129 9.07
Log residential real estate wealth 0.001 0.66
L commercial
Log i l reall estate
t t wealth
lth -0.004
0 004 -1.91
1 91
Leverage ratio -0.003 -1.12
Log human capital 0.001 0.05
Permanent income risk -0.242 -1.18
Transitory income risk -0.050 -1.28
Beta of income innovation w w.r.t.
r t portfolio return 0 027
0.027 1 08
1.08
Entrepreneur dummy -0.250 -4.76
Unemployment dummy -0.065 -2.24
Habit
Log internal habit -0.044 -1.40
Log external habit 0.038 0.44
High school dummy 0.041 1.19
Post-high school dummy 0.034 1.39
Number of adults -0.112 -3.70
Number of children -0.060 -5.23
Wealth-weighted gender index -0.070 -2.32
2 18 56%
18.56% 19 72%
19.72%
Adjusted R
Number of observations 55,898 55,898
Number of twin pairs 8,394 8,394
Table VI
Financial Wealth Elasticity of the Risky Share
This table reports yearly twin pair fixed effects regressions of the log risky share on financial wealth, other household
characteristics,, and financial wealth interacted with characteristics. Financial wealth is interacted with itself and internal
habit in regression (1), and with all characteristics in regression (2). The education, entrepreneur and unemployment
dummies are computed for the twin in the household. All other characteristics are computed at the household level.
(1) (2)
Direct Effect Interacted Direct Effect Interacted
Log financial wealth 0.216 24.70 -0.104 -11.60 0.224 25.50 -0.102 -10.90
Log residential real estate wealth 0.002 0.73 0.002 0.98 0.007 2.91
Leverage ratio -0.002 -0.65 0.000 0.06 0.004 1.16
L h
Log human capital
it l 0 003
0.003 0 25
0.25 -0.001
0 001 -0.04
0 04 -0.019
0 019 -1.64
1 64
Transitory income risk -0.052 -1.28 -0.035 -0.79 0.023 0.42
Beta of income innovation w.r.t. portfolio return 0.027 1.06 0.032 1.09 -0.018 -0.69
Unemployment dummy -0.069 -2.35 -0.059 -2.02 0.050 1.53
Habit
Log internal habit -0.051 -1.58 0.137 5.79 -0.015 -0.47 0.034 1.17
High school dummy 0.043 1.27 0.039 1.16 0.030 1.06
Post-high school dummy 0.032 1.31 0.027 1.08 -0.013 -0.62
Number of adults -0.103
0 103 -3.36
3 36 -0.102
0 102 -3.35
3 35 0 132
0.132 4 09
4.09
Number of children -0.060 -5.24 -0.071 -6.08 0.057 5.48
Wealth-weighted gender index -0.066 -2.17 -0.055 -1.76 0.054 1.63
2
Adjusted R 20.04% 20.65%
Table VII
Lagged Financial and Portfolio Characteristics
This table reports yearly twin pair fixed effects regressions of the 2000-2002 log risky shares on: the log risky share in 1999; the
passive change
p g in the logg riskyy share since 1999;; log
g financial wealth in 1999;; the p
passive change
g in log
g financial wealth since
1999; and the usual characteristics. The estimation is based on households that participate in risky asset markets at the end of two
consecutive years.
(1) (2) (3) (4)

Financial wealth quartile in 1999 0.122 15.10 0.122 15.00
Lowest 0.160 9.55 0.162 9.63
2 0.110 8.05 0.110 8.09
3 0.136 10.00 0.134 9.83
4 0.080 7.17 0.079 7.09
Log risky share in 1999 0.574 32.50 0.570 32.20 0.578 35.90 0.575 35.70
Log passive financial wealth change since 1999 0.119 2.66 0.110 2.46
L passive
Log i risky
i k share
h change
h since
i 1999 0 190
0.190 3 13
3.13 0 191
0.191 3 16
3.16
Log residential real estate wealth 0.000 0.17 0.000 -0.05 0.001 0.27 0.000 0.04
Log commercial real estate wealth -0.003 -1.93 -0.003 -1.72 -0.003 -1.69 -0.003 -1.49
Leverage ratio -0.005 -1.13 -0.004 -0.94 -0.005 -1.13 -0.004 -0.94
Log human capital 0.015 0.87 0.014 0.82 0.014 0.81 0.013 0.75
Permanent income risk -0.346
0 346 -2.33
2 33 -0.328
0 328 -2.23
2 23 -0.325
0 325 -2.20
2 20 -0.306
0 306 -2.09
2 09
Transitory income risk -0.060 -1.97 -0.050 -1.67 -0.061 -2.00 -0.051 -1.68
Beta of income innovation w.r.t. portfolio return 0.013 0.68 0.014 0.72 0.013 0.66 0.014 0.71
Entrepreneur dummy -0.094 -1.97 -0.094 -1.97 -0.094 -1.96 -0.094 -1.96
Unemployment dummy -0.045 -1.82 -0.043 -1.74 -0.047 -1.89 -0.045 -1.80
Habit
Log internal habit -0.109
0 109 -3.71
3 71 -0.095
0 095 -3.21
3 21 -0.114
0 114 -3.89
3 89 -0.099
0 099 -3.36
3 36
Log external habit -0.025 -0.35 -0.027 -0.38 -0.033 -0.45 -0.035 -0.48
High school dummy -0.009 -0.36 -0.010 -0.38 -0.011 -0.42 -0.011 -0.44
Post-high school dummy 0.043 2.16 0.041 2.04 0.042 2.11 0.040 1.99
Number of adults -0.006 -0.25 -0.017 -0.65 -0.004 -0.15 -0.015 -0.59
Number of children -0
0.010
010 -1
1.02
02 -0
0.012
012 -1
1.27
27 -0
0.009
009 -0
0.97
97 -0
0.012
012 -1
1.25
25
Wealth-weighted gender index -0.051 -2.07 -0.049 -2.01 -0.054 -2.18 -0.052 -2.11
2
Adjusted R 51.06% 51.17% 50.88% 51.00%
Table VIII
Participation in Risky Asset Markets
This table reports the pooled logit regression of a household’s decision to participate in risky asset markets. The cross-sectional
regressions
g are based on all Swedish households with an adult twin,, include time fixed effects,, and are run without and with
characteristics (first two sets of columns). The next two sets of columns report the results of logit yearly twin pair fixed effects
regressions with or without characteristics. The education, entrepreneur and unemployment dummies are computed for the twin in the
household. All other characteristics are computed at the household level.
Yearly Yearly Twin Pair

(1) (2) (3) (4)
Log residential real estate wealth 0.023 6.71 0.022 3.59
Log commercial real estate wealth 0.020 3.87 0.008 0.75
Leverage ratio -0.003 -1.76 -0.002 -0.63
H
Human capital
it l and
d iincome risk
i k
Log human capital 0.245 5.70 0.086 1.63
Permanent income risk -3.215 -4.41 -1.452 -1.81
Transitory income risk -0.553 -3.12 -0.233 -1.28
Entrepreneur dummy -0.050 -0.42 0.033 0.17
Unemployment dummy -0.043 -0.85 0.032 0.35
H bit
Habit
Log internal habit -0.020 -0.29 0.268 2.21
Log external habit -0.368 -2.19 -0.624 -1.77
0 120 -2.13
2 13 0 009
0.009 0 09
0.09
Number of pairs with different participation decisions 4,477 4,477
1.6
CRRA representative investor
1.4 Heterogeneous CRRA
Constant wealth elasticity of the risky share
1.2 Linear wealth elasticity of the risky share
0.8
sticity
Elas
0.6
04
0.4
0.2
0
5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100
Quantiles of Financial Wealth
Figure 1. Elasticity of aggregate risky financial wealth computed on the fixed set of 2001 participants. This figure illustrates the elasticity of
aggregate risky financial wealth with respect to the aggregate financial wealth of participating households. We consider twenty financial wealth
quantiles, and report for each quantile the aggregate elasticity corresponding to an exogenous wealth shock affecting only households in the quantile:
ln(Fh) = g if h is in the quantile and ln(Fh) = 0 otherwise. The set of participants is fixed and all results are reported for the year 2001. The upper and
lower bounds of the 95% confidence interval of aggregate elasticity are reported in dashed lines.
1.6
0.8
sticity
Elas
0.6
04
0.4
0.2
0
5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100
Figure 2. Elasticity of aggregate risky financial wealth with entry and exit. This figure illustrates the elasticity of aggregate risky financial wealth
with respect to the aggregate financial wealth of participating and nonparticipating households. We consider twenty financial wealth quantiles, and report
for each quantile the aggregate elasticity corresponding to an exogenous positive wealth shock affecting only households in the quantile: ln(Fh) = g if h
is in the quantile and ln(Fh) = 0 otherwise. The set of participants is endogenous and all results are reported for the year 2001. The upper and lower
bounds of the 95% confidence interval of aggregate elasticity are reported in dashed lines.
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Table IA.I
Summary Statistics and ACE Decomposition
Identical Twins Fraternal Twins ACE Decomposition

Mean Standard Twin Mean Standard Twin Genetic Common
deviation correlation deviation correlation component component
Risky share 0.541 0.289 0.266 0.543 0.291 0.149 23.41% 3.23%
Fi
Financial
i l wealth
lth ($) 44,730
44 730 69,070
69 070 0.418
0 418 47,611
47 611 73,877
73 877 0.269
0 269 29.89%
29 89% 11.92%
11 92%
Residential real estate wealth ($) 103,058 97,935 0.424 99,787 92,841 0.272 30.45% 11.97%
Commercial real estate wealth ($) 15,360 59,361 0.327 19,661 68,399 0.208 23.89% 8.81%
Leverage ratio 0.770 1.756 0.251 0.658 1.522 0.140 22.14% 2.96%
Log human capital 811,926 534,178 0.543 737,697 508,616 0.445 19.72% 34.63%
Permanent income risk -0.001
0 001 0 063
0.063 0 118
0.118 -0.002
0 002 0 098
0.098 0 013
0.013 21 00%
21.00% -9.23%
9 23%
Transitory income risk 0.051 0.250 0.137 0.063 0.405 0.027 22.07% -8.38%
Beta of income innovation w.r.t. portfolio return 0.030 0.396 0.113 0.012 0.532 0.024 17.83% -6.56%
Entrepreneur dummy 0.031 0.172 0.347 0.038 0.192 0.050 59.39% -24.67%
Unemployment dummy 0.089 0.284 0.190 0.081 0.274 0.071 23.77% -4.76%
Habit
Internal habit ($) 36 408
36,408 16,919
16 919 0 418
0.418 35 903
35,903 16,925
16 925 0 235
0.235 36 57%
36.57% 5 21%
5.21%
External habit ($) 25,606 3,416 0.461 25,343 3,121 0.362 19.65% 26.40%
High school dummy 0.398 0.489 0.649 0.360 0.480 0.387 52.38% 12.52%
Post-high school dummy 0.871 0.335 0.511 0.830 0.375 0.312 39.71% 11.38%
Number of adults 1.727 0.445 0.280 1.729 0.445 0.089 38.16% -10.21%
Number of children 1.032 1.086 0.468 0.993 1.116 0.375 18.50% 28.28%
Wealth-weighted gender index 0.530 0.323 0.378 0.548 0.325 0.029 69.71% -31.92%
Table IA.II
ACE Decomposition and Communication
Panel A: Risky Share

No Controls With Controls
Genetic Common Genetic Common
Component Component Component Component
Frequent communicators 28 19%
28.19% 8 98%
8.98% 31 52%
31.52% -4
4.22%
22%
Infrequent communicators 8.53% 6.42% 12.21% -4.31%
Panel B: Log Risky Share
Genetic Common Genetic Common
Component Component Component Component
Frequent communicators 36.26% -1.23% 39.72% -10.47%
Infrequent communicators 2.08% 6.21% 1.62% 2.21%
Table IA.III
Identical vs. Fraternal Twins
Yearly twin pair fixed effects
Identical Twins Fraternal Twins
Lowest 0.253 7.29 0.353 17.40
2 0.227 8.50 0.243 14.30
3 0 192
0.192 6 94
6.94 0 167
0.167 10 10
10.10
4 0.141 5.05 0.121 7.39
Log residential real estate wealth 0.000 -0.10 0.002 0.81
Log commercial real estate wealth -0.003 -0.89 -0.005 -1.67
Leverage ratio -0.002 -0.76 -0.004 -1.00
Log human capital 0 030
0.030 2 26
2.26 -0.006
0 006 -0.40
0 40
Beta of income innovation w.r.t. portfolio return -0.011 -0.34 0.036 1.19
Entrepreneur dummy -0.135 -1.53 -0.275 -4.43
Unemployment dummy -0.012 -0.24 -0.087 -2.42
Habit
Log internal habit -0.066 -1.13 -0.040 -1.07
Log external habit 0.099 0.68 0.002 0.02
0.032 -0.60
0.60 -0.144
0.144 -3.98
3.98
2
Adjusted R 25.15% 17.73%
Table IA.IV
Yearly Twin Regressions
Twin pair fixed effects
1999 2000 2001 2002
Log residential real estate wealth 0.002 0.58 0.004 1.41 0.003 0.95 0.000 0.03
L commercial
t t wealth lth -0.007
0 007 -2.43
2 43 -0.005
0 005 -2.07
2 07 -0.005
0 005 -1.66
1 66 -0.004
0 004 -1.26
1 26
Leverage ratio -0.004 -1.07 -0.004 -1.63 -0.009 -1.93 -0.010 -1.89
Log human capital -0.019 -0.73 0.006 0.40 0.001 0.08 0.018 1.31
Permanent income risk -0.007 -0.02 -0.348 -1.40 -0.228 -0.91 -0.449 -1.51
Transitory income risk -0.054 -0.99 -0.103 -1.90 -0.044 -1.12 -0.091 -1.39
0.040 0 90
0.90 0 022
0.022 0 56
0.56 -0.003
0 003 -0.14
0 14 0 084
0.084 2 84
2.84
Habit
Log internal habit -0.139 -3.17 -0.074 -2.06 -0.102 -2.57 -0.041 -0.85
Log external habit 0.052 0.49 -0.015 -0.17 0.146 1.35 -0.032 -0.23
High school dummy 0.063 1.59 0.042 1.13 0.046 1.10 0.033 0.67
Dummy for unavailable education data 0.867 1.67 0.340 1.21 0.517 2.79 0.986 1.50
Number of adults -0.075 -1.95 -0.091 -2.62 -0.051 -1.33 -0.051 -1.12
Number of children -0.055 -3.86 -0.064 -4.75 -0.047 -3.29 -0.033 -1.89
Wealth-weighted
Wealth weighted gender index -0.037
0.037 -1.00
1.00 -0.076
0.076 -2.16
2.16 -0.105
0.105 -2.68
2.68 -0.087
0.087 -1.95
1.95
2
Adjusted R 22.15% 20.27% 17.25% 13.44%
Table IA.V
Regression of the Log Risky Share on Characteristics (All twins)
Normalized real estate, human capital and habit
Yearly Twin Pair Fixed Effects Yearly Fixed

(1) (2) (3) (4)
Log of financial wealth/residential real estate 0.000 0.10 -0.002 -1.03 -0.005 -2.97
Log of financial wealth/commercial real estate 0.007 3.16 0.005 2.43 0.008 6.04
Leverage ratio -0.006 -2.49 -0.006 -2.46 -0.007 -2.84
Log of financial wealth/human capital 0.004 0.31 -0.002 -0.19 -0.020 -2.10
Beta of income innovation w.r.t. portfolio return 0.034 1.39 0.027 1.09 0.032 1.37
Habit
Log of financial wealth/internal habit 0.166 6.42 0.089 2.82 0.111 5.30
Log of financial wealth/external habit -0.042 -0.49 -0.038 -0.44 0.059 1.06
Number of adults -0.071 -2.38 -0.110 -5.30
2
Adjusted R 17.99% 18.79% 19.10% 11.50%
Table IA.VI
Regression of the Log Risky Share on Characteristics (Identical Twins)
Normalized real estate, human capital and habit

(1) (2) (3) (4)
Log financial wealth 0.184 12.60 0.147 1.01 0.236 1.59 -0.001
0.001 -0.02
0.02
Log of financial wealth/residential real estate 0.001 0.31 0.000 -0.03 -0.005 -1.94
Log of financial wealth/commercial real estate 0.005 1.18 0.004 1.03 0.008 3.21
Leverage ratio -0.002 -1.07 -0.003 -1.14 -0.002 -1.08
Log of financial wealth/human capital -0.022 -1.64 -0.030 -2.25 -0.039 -3.07
Beta of income innovation w.r.t. portfolio return 0.004 0.12 -0.007 -0.23 -0.020 -0.81
Habit
Log of financial wealth/internal habit 0.155 3.22 0.096 1.72 0.124 3.33
Log of financial wealth/external habit -0.079 -0.54 -0.099 -0.69 0.141 1.46
Number of adults -0.009 -0.17 -0.059 -1.61
2
Adjusted R 24.33% 24.62% 25.02% 11.39%
Table IA.VII
Regression of the Log Risky Share on Characteristics (All Twins)
Human capital of the young computed with a high discount rate
(1) (2)
Log financial wealth 0.223 24.60
Lowest 0.331 18.90
2 0 243
0.243 16 80
16.80
3 0.171 12.30
4 0.129 9.07
Leverage ratio -0.006 -2.46 -0.003 -1.12
Log human capital (r =5% if age < 35yrs, 3% if age ≥ 35) 0.002 0.18 0.001 0.05
Beta of income innovation w.r.t. portfolio return 0.027 1.09 0.027 1.08
Unemployment dummy -0 075
-0.075 -2 55
-2.55 -0 065
-0.065 -2 24
-2.24
Habit
Post-high
Post high school dummy 0.037 1.50 0.034 1.39
Number of adults -0.071 -2.38 -0.112 -3.70
2
Adjusted R 19.10% 19.72%
8,394 8 394
8,394
Table IA.VIII
Human capital of the young computed with a high discount rate
(1) (2)
Lowest 0.253 7.29
2 0 227
0.227 8 50
8.50
3 0.191 6.94
4 0.141 5.05
Log residential real estate wealth 0.000 0.03 0.000 -0.10
Leverage ratio -0.003 -1.14 -0.002 -0.76
Log human capital (r =5% if age < 35yrs, 3% if age ≥ 35) 0.030 2.17 0.029 2.17
Beta of income innovation w.r.t. portfolio return -0.007 -0.23 -0.011 -0.34
-0.013 -0 27
-0.27 -0 012
-0.012 -0 24
-0.24
Habit
Post-high
Number of adults -0.009 -0.16 -0.032 -0.59
Wealth-weighted gender index 0.007 0.11 0.011 0.18
2
Adjusted R 25.02% 25.15%
2,545 2 545
2,545
Table IA.IX
Regression of the Log Risky Share on Characteristics (All Twins)
Human capital of low wealth-households computed with a high discount rate
(1) (2)
Lowest 0.331 18.90
2 0 244
0.244 16 80
16.80
3 0.171 12.20
4 0.129 9.07
Leverage ratio -0.006 -2.46 -0.003 -1.12
Log human capital (r =5% if financial wealth < median, 3% otherwise) -0.001 -0.08 -0.002 -0.18
-0.075 -2 55
-2.55 -0 066
-0.066 -2 24
-2.24
Habit
Post-high
Number of adults -0.071 -2.36 -0.111 -3.69
2
Adjusted R 19.10% 19.72%
8,394 8 394
8,394
Table IA.X
Human capital of low wealth-households computed with a high discount rate
(1) (2)
Lowest 0.252 7.27
2 0 225
0.225 8 41
8.41
3 0.190 6.86
4 0.141 5.03
Log residential real estate wealth 0.000 0.03 0.000 -0.10
Leverage ratio -0.003 -1.14 -0.002 -0.76
Log human capital (r =5% if financial wealth < median, 3% otherwise) 0.027 1.97 0.026 1.93
-0.013 -0 27
-0.27 -0 012
-0.012 -0 24
-0.24
Habit
Post-high
Number of adults -0.008 -0.15 -0.031 -0.58
Wealth-weighted gender index 0.007 0.11 0.011 0.17
2
Adjusted R 25.02% 25.14%
2,545 2 545
2,545
Table IA.XI
External habit computed on age-municipality groups
(1) (2)
Lowest 0.331 18.90
2 0.243
0 243 16.80
16 80
3 0.171 12.30
4 0.129 9.07
Leverage ratio -0.006 -2.46 -0.003 -1.12
-0.075 -2 55
-2.55 -0 066
-0.066 -2 25
-2.25
Habit
Log external habit (age and municipality groups) 0.041 0.59 0.034 0.50
Post-high
Number of adults -0.071 -2.37 -0.111 -3.70
2
Adjusted R 19.10% 19.72%
8,394 8 394
8,394
Table IA.XII
Higher education variables
(1) (2)
Lowest 0.331 18.90
2 0.243
0 243 16 80
16.80
3 0.171 12.20
4 0.129 9.07
Leverage ratio -0.006 -2.49 -0.003 -1.15
-0.075 -2 54
-2.54 -0 065
-0.065 -2 23
-2.23
Habit
Undergraduate dropout dummy 0.024 0.93 0.021 0.80
3-yr undergraduate (college or vocational) degree dummy 0.047 1.52 0.050 1.62
Post-graduate education dummy 0.050 0.60 0.041 0.50
Number of adults -0.069 -2.30 -0.109 -3.62
2
Adjusted R 19.11% 19.73%
Table IA.XIII
Marriage status
(1) (2)
Lowest 0.331 18.90
2 0.243
0 243 16.80
16 80
3 0.172 12.30
4 0.129 9.09
Leverage ratio -0.003 -1.14 -0.003 -1.14
Beta of income innovation w.r.t. portfolio return -0.007 -0.23 0.027 1.08
-0.013 -0 27
-0.27 -0 065
-0.065 -2 22
-2.22
Habit
Post-high
Number of adults -0.008 -0.15 -0.134 -3.50
Marriage dummy 0.031 0.99 0.029 0.92
2
Adjusted R 19.11% 19.72%
Table IA.XIV
Age
Less than 35 35-45 45-55 Older than 55
Log residential real estate wealth -0.002 -0.38 0.001 0.23 0.001 0.35 0.010 1.98
L commercial
0 007 -1.00
1 00 -0.004
0 004 -1.05
1 05 -0.004
0 004 -1.09
1 09 -0.007
0 007 -1.59
1 59
Leverage ratio -0.007 -1.40 -0.002 -0.48 -0.012 -2.25 -0.001 -0.55
Log human capital 0.024 1.81 0.025 1.30 -0.044 -1.39 0.004 0.09
Permanent income risk -0.439 -1.29 -0.535 -1.52 0.212 0.50 -0.309 -0.61
Transitory income risk -0.081 -1.27 -0.111 -1.76 0.005 0.05 -0.061 -0.53
0.090 0 84
0.84 0 090
0.090 2 45
2.45 -0.021
0 021 -0.55
0 55 0 006
0.006 0 30
0.30
Habit
Log external habit 0.050 0.20 -0.151 -0.89 0.076 0.55 0.202 1.09
Post-high school dummy 0.028 0.49 -0.010 -0.22 0.033 0.76 0.109 1.95
Number of adults -0.168 -2.12 0.065 1.03 -0.054 -1.07 -0.145 -2.47
Wealth-weighted gender index 0.064 0.88 -0.186 -2.89 -0.058 -1.12 -0.106 -1.73
2
Adjusted R 25.89% 21.89% 16.23% 15.99%
Table IA.XV
Relation Between Elasticity and Age
Age squared interacted with financial wealth – Yearly twin pair fixed effects
Direct Effect Interacted
Log financial wealth 0.222 25.20 -0.105 -11.20
L commercial
0 004 -1.97
1 97 -0.002
0 002 -0.96
0 96
Leverage ratio 0.000 0.01 0.004 1.20
Log human capital -0.003 -0.25 0.018 1.30
0.031 1 06
1.06 -0.018
0 018 -0.69
0 69
Habit
Log external habit 0.027 0.32 -0.036 -0.45
Post-high school dummy 0.026 1.05 -0.011 -0.51
Age -0.004 -0.47
Age squared 0.000 1.02
Number of adults -0.102 -3.35 0.120 3.71
Number of children -0.070
0.070 -6.00
6.00 0.071 6.22
Wealth-weighted gender index -0.054 -1.72 0.061 1.85
2
Adjusted R 20.71%
Number of observations 55,898
Number of twin pairs 8,394
Table IA.XVI
Communication (All Twins)

(1) (2) (3) (4)
Estimate t- stat Estimate t- stat Estimate t- stat Estimate t- stat
quartile
Financial wealth q
Lowest 0.253 7.29 0.353 17.40
2 0.227 8.50 0.243 14.30
3 0.192 6.94 0.167 10.10
4 0.141 5.05 0.121 7.39
Log residential real estate wealth 0.006 1.09 0.000 -0.10 -0.002 -0.42 0.002 0.81
Log commercial real estate wealth -0.005
0 005 -0.73
0 73 -0.003
0 003 -0.89
0 89 -0.001
0 001 -0.09
0 09 -0.005
0 005 -1.67
1 67
Leverage ratio -0.004 -0.73 -0.002 -0.76 -0.005 -1.50 -0.004 -1.00
Log human capital 0.027 1.10 0.030 2.26 -0.033 -1.39 -0.006 -0.40
Permanent income risk -0.558 -1.36 -0.754 -2.55 0.738 1.33 -0.167 -0.69
Transitory income risk -0.095 -0.94 -0.050 -1.06 0.178 1.36 -0.047 -0.99
B t off income
Beta i innovation
i ti w.r.t.
t portfolio
tf li return
t 0 029
0.029 0 47
0.47 -0.011
0 011 -0.34
0 34 -0.010
0 010 -0.63
0 63 0 036
0.036 1 19
1.19
Habit
Log external habit 0.077 0.38 0.099 0.68 0.732 2.55 0.002 0.02
Number of adults -0.181 -2.22 -0.032 -0.60 0.114 1.49 -0.144 -3.98
Wealth-weighted gender index -0.093 -1.23 0.011 0.18 -0.087 -1.05 -0.093 -2.66
2
Adjusted R 15 32%
15.32% 16 73%
16.73% 27 33%
27.33% 27 67%
27.67%
Table IA.XVII
Communication (Identical Twins)

(1) (2) (3) (4)
quartile
Financial wealth q
Lowest 0.258 4.34 0.427 4.24
2 0.217 4.23 0.273 3.81
3 0.210 2.67 0.165 2.26
4 0.164 2.08 0.185 3.39
Log residential real estate wealth 0.018 1.86 0.017 1.71 -0.013 -1.48 -0.016 -1.72
Log commercial real estate wealth 0.007
0 007 0.68
0 68 0 007
0.007 0 68
0.68 -0.010
0 010 -1.14
1 14 -0.009
0 009 -1.02
1 02
Leverage ratio 0.002 0.62 0.003 0.95 -0.007 -2.19 -0.006 -2.11
Log human capital 0.183 1.29 0.174 1.22 -0.089 -1.29 -0.082 -1.19
Permanent income risk -1.294 -1.39 -1.172 -1.23 2.956 2.39 2.825 2.30
Transitory income risk -0.385 -2.46 -0.327 -1.89 0.829 3.49 0.825 3.53
B t off income
Beta i innovation
i ti w.r.t.
t portfolio
tf li return
t -0.092
0 092 -1.38
1 38 -0.099
0 099 -1.49
1 49 -0.259
0 259 -2.09
2 09 -0.259
0 259 -2.08
2 08
Entrepreneur dummy -0.132 -0.66 -0.153 -0.77 0.068 0.25 0.063 0.22
Unemployment dummy 0.009 0.08 0.017 0.14 0.201 1.87 0.208 1.95
Habit
Log internal habit -0.061 -0.30 -0.042 -0.20 0.037 0.24 0.029 0.20
Log external habit -0.365 -1.35 -0.360 -1.33 0.088 0.17 0.012 0.02
High school dummy 0.325 1.72 0.318 1.64 -0.025 -0.15 -0.014 -0.09
Post-high school dummy -0.045 -0.29 -0.041 -0.27 -0.001 0.00 -0.010 -0.08
Number of adults -0.048 -0.30 -0.057 -0.36 0.133 1.03 0.081 0.60
Wealth-weighted gender index -0.156 -1.00 -0.153 -0.99 -0.119 -0.79 -0.088 -0.58
2
Adjusted R 14 95%
14.95% 15 02%
15.02% 40 24%
40.24% 40 83%
40.83%
Number of twin pairs 419 419 370 370
Table IA.XVIII
Variance Decomposition Within and Across Municipalities
Risky share Log risky share Residual

Variance between municipalities 0.25% 2.93% 0.52%
Variance within municipalities 7.93% 98.64% 41.25%
Total variance 8.18% 101.57% 41.78%
Table IA.XIX
Impact of Average Wealth and Risky share in Municipality
(1) (2)
Lowest 0.330 18.90
2 0.242
0 242 16.70
16 70
3 0.172 12.30
4 0.128 9.03
Leverage ratio -0.006 -2.49 -0.003 -1.15
-0.074 -2 52
-2.52 -0 065
-0.065 -2 22
-2.22
Habit
Post-high
Number of adults -0.071 -2.37 -0.112 -3.71
Local interactions
Average log risky share in municipality 0.356 3.46 0.342 3.36
Average
g log g financial wealth in municipality
p y 0.116 1.95 0.123 2.09
2
Adjusted R 19.19% 19.80%
Table IA.XX
Financial Wealth Elasticity of the Risky Share
Interacted individual characteristics
(1) (2)
L residential
Log id ti l reall estate
t t wealth
lth 0 002
0.002 1 09
1.09 0 005
0.005 1 99
1.99 0 004
0.004 2 82
2.82
Log commercial real estate wealth -0.004 -1.95 -0.005 -2.15 0.000 -0.06
Leverage ratio -0.001 -0.52 0.011 1.03 0.006 1.66
Log human capital 0.000 0.00 -0.015 -1.16 -0.013 -1.87
Transitory income risk -0.058
0 058 -1.44
1 44 -0.023
0 023 -0.52
0 52 0 014
0.014 0 61
0.61
Habit
Log external habit 0 017
0.017 0 20
0.20 -0 022
-0.022 -0 24
-0.24 0 011
0.011 0 21
0.21
Number of adults -0.083 -2.70 -0.092 -3.04 0.110 6.02
Wealth-weighted
0.061 -2.02
2.02 -0.061
0.061 -2.02
2.02 0.019 1.00
2
Adjusted R 20.34% 21.55%
Table IA.XXI
Impact of the Pair Fixed Effect on the Financial Wealth Elasticity of the Risky Share

L commercial
t t wealth
lth -0.005
0 005 -2.10
2 10 -0.002
0 002 -0.90
0 90
Leverage ratio 0.000 -0.11 0.003 1.23
Yearly twin pair fixed effect -0.116 -5.24
Log human capital -0.001 -0.09 -0.016 -1.32
0 033 -0.71
0 71 -0.002
0 002 -0.03
0 03
Beta of income innovation w.r.t. portfolio return 0.031 1.07 -0.014 -0.54
Habit
0.016 0 19
0.19 -0.042
-0 042 -0.54
-0 54
Number of adults -0.088 -2.93 0.130 4.05
Number of children -0.065 -5.62 0.056 5.52
Wealth-weighted
0.051 -1.65
1.65 0.067 2.01
2
Adjusted R 21.47%
Table IA.XXII
Randomly Matched Pairs

(1) (2) (3) (4)
Log residential real estate wealth 0.003 1.18 0.005 2.28 0.005 2.99
Leverage ratio -0.006 -2.08 -0.007 -2.40 -0.007 -2.85
L h
Log human capital
it l 0 014
0.014 1 28
1.28 0 022
0.022 1 87
1.87 0 020
0.020 2 13
2.13
Habit
Log external habit -0.031 -0.37 -0.066 -0.80 -0.059 -1.08
Number of adults -0 078
-0.078 -2 79
-2.79 -0 110
-0.110 -5 33
-5.33
2
Adjusted R 11.39% 12.27% 12.82% 11.50%
Table IA.XXII ̶ Continued

(1) (2) (3) (4)
2
Adjusted R 11.39% 12.27% 12.82% 11.50%
2

Fixed effect ( ) 3.04% 2.58% 2.56% 1.12%
2

2

Fixed effect and financial wealth (2  f ) 1.33% 1.44% 1.37% 0.31%

Fixed effect and other characteristics (2 ,x) 0.25% 0.30% 0.11%

Table IA.XXIII
Tobit Regression of the Risky Share on Characteristics
Yearly fixed effects
(1) (2)
Estimate t -stat Implied  Estimate t -stat Implied 
Log financial wealth 0.161 98.30 0.386
Lowest 0.188 46.10 1.453
2 0.199
0 199 55 10
55.10 0 505
0.505
3 0.192 58.40 0.372
4 0.182 60.60 0.286
Leverage ratio -0.003 -5.98 -0.002 -3.88
Habit
Dummy for unavailable education data 0.046 0.67 0.036 0.53
Number of adults -0.021 -3.34 -0.041 -6.50
2
Pseudo R 37.40% 40.30%
Table IA.XXIV
Tobit Regression of the Risky Share on Characteristics
(1) (2)
Estimate t -stat Implied  Estimate t -stat Implied 
Log financial wealth 0.162 90.50 0.387
Lowest 0.175 36.20 1.357
2 0.186
0 186 43 90
43.90 0 473
0.473
3 0.180 46.50 0.350
4 0.173 48.50 0.273
Leverage ratio -0.007 -9.02 -0.004 -4.88
Habit
Dummy for unavailable education data 0.144 1.95 0.112 1.69
Number of adults -0.032 -5.03 -0.047 -7.38
Table IA.XXV
Impact of Constant Bank Imputation
L commercial
t t wealth lth 0 001
0.001 0 73
0.73 -0.002
0 002 -1.13
1 13
Leverage ratio -0.005 -1.21 0.003 0.51
Transitory income risk 0.005 0.13 0.064 1.23
0.033 1 11
1.11 -0.033
0 033 -1.19
1 19
Habit
Log internal habit 0.075 2.52 0.109 3.85
Log external habit 0.061 0.80 -0.030 -0.40
Number of adults 0.007 0.26 0.092 3.00
Number of children 0.050 4.90 0.050 5.18
Wealth-weighted gender index -0.013 -0.45 0.077 2.43
2
Adjusted R 34 58%
34.58%
Table IA.XXVI
Regression of the Individual Log Risky Share on Individual Characteristics

(1) (2) (3) (4)
Log residential real estate wealth -0.003 -1.63 -0.002 -1.02 0.002 1.16
Leverage ratio -0.005 -2.79 -0.005 -2.72 -0.006 -3.49
L h
Log human capital
it l -0.005
0 005 -0.40
0 40 -0.004
0 004 -0.28
0 28 -0.001
0 001 -0.13
0 13
Habit
Number of children -0 015
-0.015 -1 27
-1.27 -0 004
-0.004 -0 55
-0.55
Gender -0.119 -4.16 -0.078 -4.50
2
Adjusted R 16.72% 17.38% 17.66% 7.79%
Table IA.XXVI ̶ Continued

(1) (2) (3) (4)
2
Adjusted R 16.72% 17.38% 17.66% 7.79%
2
Fixed effect ( ) 11.70% 11.40% 11.48% 1.07%
2
2
Fixed effect and financial wealth (2 ,ff ) 0 92%
0.92% 1 13%
1.13% 1 02%
1.02% 0 27%
0.27%
Fixed effect and other characteristics (2,x) -0.06% -0.25% 0.18%
Table IA.XXVII
Individual Elasticity of the Risky Share
Across Financial Wealth Quantiles
(1) (2)
Lowest 0.353 18.11 0.350 17.64
2 0.114 7.65 0.115 7.67
3 0 064
0.064 4 02
4.02 0 073
0.073 4 53
4.53
4 0.054 2.90 0.069 3.67
Log residential real estate wealth -0.002 -1.12
Log commercial real estate wealth -0.008 -2.13
Leverage ratio -0.002 -1.02
Log human capital -0.008
0 008 -0.62
0 62
Permanent income risk -0.020 -0.12
Transitory income risk 0.002 0.05
Beta of income innovation w.r.t. portfolio return 0.023 1.53
Entrepreneur dummy -0.190 -2.78
Unemployment dummy -0.083 -2.48
Habit
Log internal habit -0.029 -0.82
Log external habit 0.065 0.56
High school dummy 0.066 1.74
Post-high school dummy 0.005 0.18
Dummy for unavailable education data 0.538 1.64
Number of children -0.020 -1.74
Gender -0.118 -4.21
2
Adjusted R 18.38% 19.12%
Table IA.XXVIII
Individual Financial Wealth Elasticity of the Risky Share
(1) (2)
L residential
t t wealth
lth -0.003
0 003 -1.24
1 24 -0.002
0 002 -1.15
1 15 0 002
0.002 0 73
0.73
Log commercial real estate wealth -0.007 -2.01 -0.008 -2.09 0.001 0.36
Leverage ratio -0.002 -1.25 0.000 -0.04 0.003 1.20
Log human capital -0.010 -0.76 -0.007 -0.50 -0.012 -0.83
Permanent income risk 0.042 0.24 0.020 0.12 0.102 0.66
Transitory income risk 0 022
0.022 0 50
0.50 0 017
0.017 0 40
0.40 0 041
0.041 1 05
1.05
Habit
0.054 0 46
0.46 0 071
0.071 0 61
0.61 -0.310
-0 310 -3.00
-3 00
Post-high school dummy 0.002 0.07 -0.001 -0.03 -0.005 -0.18
Gender -0.123 -4.37 -0.122 -4.34 0.019 0.77
2
Adjusted R 18 90%
18.90% 19 07%
19.07%
Table IA.XXIX
Instrumental Variable Estimation of the Constant
and Piecewise-Constant Elasticity Specifications
(1) (2)
L
Lowestt 0.474
0 474 23 90
23.90
2 0.295 16.40
3 0.223 12.50
4 0.153 9.23
Leverage ratio -0.003
0 003 -1.11
1 11 0 005
0.005 1 93
1.93
Entrepreneur dummy -0.261
0 261 -6.87
6 87 -0.252
0 252 -6.63
6 63
Habit
High school dummy 0 036
0.036 1 56
1.56 0 030
0.030 1 30
1.30
Number of adults -0.057 -2.53 -0.115 -5.08
2
Adjusted R 25.40% 25.71%
Number of observations 40 424
40,424 40 424
40,424
Table IA.XXX
Instrumental Variable Estimation of the Linear Elasticity Specification
(1) (2)
L residential
t t wealth
lth 0 002
0.002 1 12
1.12 0 003
0.003 1 89
1.89 0 007
0.007 3 29
3.29
Leverage ratio 0.002 0.95 0.015 3.08 0.012 3.56
Log human capital 0.010 1.02 0.010 1.03 -0.006 -0.49
0 075 -2.55
2 55 -0.075
0 075 -2.40
2 40 0 038
0.038 0 92
0.92
Habit
0.037 0 58
0.58 0 030
0.030 0 48
0.48 -0.027
-0 027 -0.40
-0 40
Number of adults -0.077 -3.35 -0.078 -3.37 0.053 1.91
Wealth-weighted
0.086 -3.86
3.86 -0.075
0.075 -3.30
3.30 0.064 2.30
2
Adjusted R 26.07% 26.52%
Table IA.XXXI
Health and Lifestyle Variables
(1) (2)
Lowest 0.319 15.60
2 0.217
0 217 13.40
13 40
3 0.180 9.65
4 0.125 7.31
Leverage ratio -0.006 -1.91 -0.004 -1.12
Permanent income risk 0.186 0.79 0.205 0.85
Transitory income risk 0.008 0.19 0.032 0.70
-0.111 -2 73
-2.73 -0 106
-0.106 -2 62
-2.62
Habit
Post-high
Number of adults -0.066 -1.81 -0.106 -2.87
Table IA.XXXI–Continued
Lifestyle
y
Regular smoker -0.009 -0.34 -0.015 -0.57
Alcohol drinker 0.067 2.12 0.060 1.90
Coffee drinker 0.060 1.28 0.062 1.32
Exercise level -0.008 -0.44 -0.009 -0.51
Physical attributes
g
Height -0.001 -0.55 -0.001 -0.71
Overweight -0.031 -1.12 -0.037 -1.36
Obese -0.049 -0.95 -0.043 -0.84
Mental health
Eating disorder (EDNOS) 0.005 0.15 0.010 0.34
Anxiety (GAD) 0.088 0.99 0.080 0.90
Depression symptoms -0.096 -2.32 -0.093 -2.29
Major depression 0.028 0.96 0.026 0.91
Health conditions
Indifferent or bad self-assessed health -0.029 -0.85 -0.026 -0.76
Deterioration of self-assessed health over past 5 years -0.005 -0.17 -0.004 -0.14
Recurrent headaches and migraines 0.001 0.05 -0.001 -0.04
High blood pressure -0.068 -1.96 -0.071 -2.08
2
Adjusted R 17.75% 18.35%
Table IA.XXXII
Dynamic Panel
This table reports the instrumental variable regression of changes in the log risky share on changes in financial
wealth, changes in the log passive share, and household characteristics. The estimation is based on households
that participate in risky asset markets at the end of two consecutive years. Yearly fixed effects are included in all
the regressions. Characteristics are taken at the beginning of the period and are the same as in the third set of
columns of Table II in the main text.

(1) (2) (3) (4)
Lowest 0.454 2.81 0.456 2.74
2 0.420 3.16 0.408 3.09
3 0.333 3.35 0.340 3.39
4 0.037 0.74 0.028 0.52
Change in log passive share 0.097 3.21 0.088 2.82 0.097 3.24 0.088 2.82
Table IA.XXXIII
Elasticity of Aggregate Risky Financial Wealth
Homogenous wealth shock
Panel A: Yearly Estimates of the Elasticity Specification

Fixed Set of Participants With Entry and Exit
1999 2000 2001 2002 1999 2000 2001 2002
CRRA representative investor 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000
Heterogeneous CRRA 1.000 1.000 1.000 1.000 1.025 1.020 1.023 1.030
Constant financial wealth elasticity of the risky share 1.280 1.248 1.226 1.117 1.282 1.249 1.228 1.123
Linear financial wealth elasticity of the risky share 1.084 1.059 1.087 0.965 1.110 1.079 1.111 0.996
Panel B: Panel Estimates of the Elasticity Specification
Fixed Set of Participants With Entry and Exit
1999 2000 2001 2002 1999 2000 2001 2002
CRRA representative investor 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000
Heterogeneous CRRA 1.000 1.000 1.000 1.000 1.023 1.016 1.024 1.042
Constant financial wealth elasticity of the risky share 1.223 1.223 1.223 1.223 1.225 1.224 1.225 1.227
Linear financial wealth elasticity of the risky share 1.034 1.037 1.059 1.073 1.057 1.054 1.084 1.116
1 Lmin = 1.1
Lmin = 1.0
0.9
Lmin = 0.9
0.8
Lmin = 0.8
0.7
Lmin = 0.7
e
06
0.6
Lmin = 0.6
0.5
Risky Share
0.4
0.3
0.2
0.1
0
0 0.5 1 1.5 2 2.5 3
Financial Wealth
Figure IA.1. Theoretical link between financial wealth and the risky share. The figure illustrates how the risky share varies
with financial wealth in the calibrated portfolio model with human capital and habit developed in section III of this Internet
Appendix.
Lmin = 1.1
0.90
Lmin = 1.0
Lmin = 0.9
0.60 Lmin = 0.8
Lmin = 0.7
0.30 L i =0
Lmin 0.6
6
Elasticity
0.00
-0.30
-0.60
0 0.5 1 1.5 2 2.5 3
Financial Wealth
Figure IA.2. Theoretical link between financial wealth and the financial wealth elasticity of the risky share. The figure
illustrates how the financial wealth elasticity of the risky share varies with financial wealth itself in the calibrated portfolio model
with human capital and habit developed in section III of this Internet Appendix.
1999 2000
1.6 1.6
CRRA representative investor CRRA representative investor
1.4 Heterogeneous CRRA 1.4 Heterogeneous CRRA
Constant wealth elasticity of the risky share Constant wealth elasticity of the risky share
1.2 Linear wealth elasticity of the risky share 1.2 Linear wealth elasticity of the risky share
1 1
0.8 0.8
Elasticity
0.6 0.6
0.4 0.4
0.2 0.2
0 0
5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100
Quantiles of Financial Wealth Quantiles of Financial Wealth
2001 2002
1.6 1.6
1.4 Heterogeneous
g CRRA 1.4 Heterogeneous
g CRRA
1 1
0.8 0.8
E
Elasticity
0.6 0.6
0.4 0.4
0.2 0.2
0 0
5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100
Figure IA.3. Yearly estimates of the aggregate elasticity of participants. The figure illustrates year by year estimates of the
elasticity of aggregate risky wealth with respect to the aggregate wealth of participating households. The set of participants
before and after the shock is fixed in each yearly simulation.
1999 2000
1.6 1.6
1 1
0.8 0.8
Elasticity
0.6 0.6
0.4 0.4
0.2 0.2
0 0
5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100
2001 2002
1.6 1.6
1.4 Heterogeneous
g CRRA
1 1
0.8 0.8
E
Elasticity
0.6 0.6
0.4 0.4
0.2 0.2
0 0
5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100

Figure IA.4. Yearly estimates of the aggregate elasticity of participating and nonparticipating households. The figure
illustrates year by year estimates of the elasticity of aggregate risky wealth with respect to the aggregate financial wealth of all
households. The set of participants before and after the shock is endogenous.
1999 2000
1.6 1.6
1 1
0.8 0.8
Elasticity
0.6 0.6
0.4 0.4
0.2 0.2
0 0
5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100
2001 2002
1.6 1.6
1.4 Heterogeneous
g CRRA
1 1
0.8 0.8
E
Elasticity
0.6 0.6
0.4 0.4
0.2 0.2
0 0
5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100

Figure IA.5. Aggregate elasticity of participants computed from panel estimates. The figure illustrates yearly estimates of
the elasticity of aggregate risky wealth with respect to the aggregate wealth of participating households. Individual elasticities are
computed using panel estimates of the elasticity specifications. The set of participants is fixed in each yearly simulation.
1999 2000
1.6 1.6
1 1
0.8 0.8
Elasticity
0.6 0.6
0.4 0.4
0.2 0.2
0 0
5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100
2001 2002
1.6 1.6
1.4 Heterogeneous
g CRRA
1 1
0.8 0.8
E
Elasticity
0.6 0.6
0.4 0.4
0.2 0.2
0 0
5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100
Figure IA.6. Aggregate elasticity of all households computed from panel estimates. The figure illustrates yearly estimates
of the aggregate elasticity of participating and nonparticipating households. Individual elasticities are computed using panel
estimates of the elasticity specifications. The set of participants before and after the shock is endogenous.
16
1.6

y
0.8
Elasticity
0.6
0.4
0.2
0
5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100
Figure IA.7. Aggregate elasticity in response to a negative wealth shock with exit. This figure illustrates the elasticity of
aggregate risky financial wealth with respect to negative shocks to the financial wealth of participating and nonparticipating
households The set of participants is endogenous and all results are reported for the year 2001.
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Laurent E.

Calvet - Paolo Sodini

Twin Picks: Disentangling the

Electronic copy available at: http://ssrn.com/abstract=2244168

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