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ID:9898469
大小:54.00 KB
页数:11页
时间:2018-05-14
《家庭投资组合的短期调整【外文翻译】》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、原文:Short-RunAdjustmentsintheFamily'sInvestmentPortfolioAmericanfamilieshavebeenchangingthewaytheyallocatetheirinvestmentresources.Thesechangeshaveraisedquestionsconcerningthetypesofinvestmentdecisionsfamiliesmake.Theobjectiveofthisresearchwastogainabetterunderstandingof
2、thetypesofinvestmenttrade-offshouseholdsmadebetweenfinancial,physical,andhumancapitalassets.Thiswasdonebyestimatingashort-runstockadjustmentmodeloffamilyinvestmentsusingpaneldatafromtheearly1970's.Fromexaminingtheempiricalresults,itappearedthatduringthishistoricalperiod
3、,choicesaboutahusband'shumancapitalinvestmentweregenerallyrelatedtoahousehold'sphysicalandfinancialassetacquisition.InContrast,choicesregardingthewife'shumancapitalinvestmentappearednottoberelatedtoanyofthemoretraditionalhouseholdinvestmentoptions.Theimplicationsofthiss
4、tudyforincreasingunderstandingofcurrenthouseholdinvestmentpatternsarediscussedintheconcludingsectionofthepaper.AModelofHouseholdStockAdjustmentNoonetodatehasexplicitlysetouttomodeltherelationshipsbetweenvarioustypesofhumanandnonhumanwealthinvestmentsinthehousehold.Virtu
5、allyalloftheinvestmentliteraturethatcurrentlyexistscanbeplacedintotwo,mutuallyexclusive,categories:thosepiecesfocusingonhumancapitalacquisitionandthosepiecesrelatingtophysicalandfmancialcapitalstockadjustments.SincetheearlyworksofSchultz(1962),Becker(1975),andBen-Porath
6、(1967),manyempiricalstudiesofhumancapitalinvestmenthavebeenpublished,butonlyahandfulhaveimplicitlyacknowledgedthesimultaneityofafamily'shumancapitalinvestmentchoices(Le,,choicesregardinghowmuchtoinvestinthehusband'sandwife'smarketskills).Evenfewerhaverecognizedthatforea
7、chindividualinahousehold,investmentcantakeplaceinthehomeaswellasinthemarket.Juster(1985)hasbeentheonlyonetomeasuredirectlytheamountoftimefamilymembersspendinvestinginnonmarket(i_e.,homeproductionoriented)humancapital.Justerfoundthatyoungadultsspentmoretimeinim;estmentth
8、antheoldandthosewhowerenotemployedoutsideofthehomespentmoretimeinvestinginhomeproductionorientedhumancapitalth
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