Lifetime Financial Advice: Human Capital, Asset Allocation, and Insurance
Roger G. Ibbotson, Moshe A. Milevsky, Peng Chen, and Kevin X. Zhu
In determining asset allocation, individuals must consider more than the risk-return trade-off of financial assets. They must take into account human capital and mortality risk in the earlier life-cycle stages and longevity risk in the later life-cycle stages. The authors show how to integrate these factors into individual investors' asset allocations through a systematic joint analysis of the life insurance a family needs to protect human capital and how to allocate the family's financial capital. The proposed life-cycle model then addresses the transition from the accumulation to the saving phases-in particular, the role (if any) of immediate payout annuities.
Kategoriler:
Yıl:
2007
Yayımcı:
Research Foundation of CFA Institute
Dil:
english
Sayfalar:
103
ISBN 10:
0943205948
ISBN 13:
9780943205946
Dosya:
PDF, 778 KB
IPFS:
,
english, 2007
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