The Role of Medical Expenditure Risk in Portfolio Allocation Decisions
利用美国2006年Medicare D部分引入带来的处方药支出风险外生下降，发现老年人相比未覆盖人群增加了风险资产投资，证实医疗支出风险影响投资组合选择。
Economic theory suggests that medical spending risk affects the extent to which households are willing to accept financial risk, and consequently their investment portfolios. In this study, we focus on the elderly for whom medical spending represents a substantial risk. We exploit the exogenous reduction in prescription drug spending risk because of the introduction of Medicare Part D in the U.S. in 2006 to identify the causal effect of medical spending risk on portfolio choice. Consistent with theory, we find that Medicare-eligible persons increased risky investment after the introduction of prescription drug coverage, relative to a younger, ineligible cohort. Copyright © 2016 John Wiley & Sons, Ltd.