The Choice Channel of Financial Innovation
研究了金融创新中更多投资选择如何影响投资者储蓄和资产回报，发现选择渠道使投资者能赚取风险溢价或投机，从而增加储蓄，并影响无风险利率和风险溢价。
Financial innovation in recent decades has expanded portfolio choice. We investigate how greater choice affects investors’ savings and asset returns. We establish a choice channel by which greater portfolio choice increases investors’ savings—by enabling them to earn the aggregate risk premium or take speculative positions. In equilibrium, portfolio customization (access to risky assets beyond the market portfolio) reduces the risk-free rate. Participation (access to the market portfolio) reduces the risk premium but typically increases the risk-free rate. Empirically, stock market participants in the United States save more than nonparticipants and have increasingly dispersed portfolio returns, consistent with the choice channel.