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Household Portfolio Choices in Taxable and Tax-Deferred Accounts: Another Puzzle?

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Author Info
Gene Amromin
Abstract

This paper provides a survey of existing literature on portfolio allocations in conventional and tax-deferred investment habitats. A long-standing puzzle in this literature has been the dissonance between the theoretical prediction of tax-efficient portfolio choices and observed portfolio allocations. I clarify this prediction and offer a different perspective by emphasizing the importance of uninsurable labor income risk and restrictions on accessibility of tax-deferred assets. I identify the key factors in dual-habitat portfolio decisions and highlight the necessary ingredients for producing non-tax-efficient, or precautionary, allocations.

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Article provided by Springer in its journal European Finance Review.

Volume (Year): 7 (2003)
Issue (Month): 3 ()
Pages: 547-582
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Handle: RePEc:kap:eurfin:v:7:y:2003:i:3:p:547-582

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  1. Gene Amromin, 2005. "Precautionary savings motives and tax efficiency of household portfolios: an empirical analysis," Finance and Economics Discussion Series 2005-01, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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This page was last updated on 2009-12-9.

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