Can Risk Be Shared across Investor Cohorts? Evidence from a Popular Savings Product
研究了零售储蓄产品如何通过金融中介的储备平滑，在不同投资者群体间分担市场风险，并利用法国寿险合同数据估计这种再分配规模达GDP的0.8%。
Abstract We study how retail savings products can share market risk across investor cohorts, thereby completing financial markets. Financial intermediaries smooth returns by varying reserves, which are passed on between successive investor cohorts, thereby redistributing wealth across cohorts. Using data on euro contracts sold by life insurers in France, we estimate this redistribution to be large: 0.8$\%$ of GDP. We develop and provide evidence for a model in which low investor sophistication, while leading to individually suboptimal decisions, improves risk sharing by allowing intercohort risk sharing. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.