Income Risk, Borrowing Constraints, and Portfolio Choice
理论预测不可保收入风险和未来借贷约束会降低家庭投资组合中风险资产的比重，作者用意大利家庭数据验证了这一命题。
Economic theory suggests that uninsurable income risk and the expectation of future borrowing constraints can reduce the share of risky assets in a household's portfolio. If the utility function exhibits decreasing absolute risk aversion and decreasing prudence, an individual will reduce his exposure to rate-of-return risks when confronted with other independent risks. If there are transaction costs, the expectation of future borrowing constraints should induce individuals to keep a lower proportion of their wealth in the form of illiquid and risky assets. The authors find support for these propositions in a cross-section of Italian households. Copyright 1996 by American Economic Association.