TY  - JOUR
AU  - Dicks-Mireaux,Louis
AU  - King,Mervyn A.
TI  - Portfolio Composition and Pension Wealth: An Econometric Study
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 903
PY  - 1982
Y2  - June 1982
UR  - http://www.nber.org/papers/w0903
L1  - http://www.nber.org/papers/w0903.pdf
N1  - Author contact info:
Louis Dicks-Mireaux

Mervyn A. King
Governor
Bank of England
Threadneedle Street
London EC2R 8AH
 UNITED KINGDOM
Tel: 44-20-7601-4963
Fax: 44-20-7601-4953
E-Mail: mervyn.king@bankofengland.co.uk
AB  - There has been very little study of the consequences of pension wealth for the composition of household portfolios. Using individual data for 10,118 Canadian households we estimate the portfolio effect of pension wealth. Because most households do not own all of the assets which we are able to distinguish, we model asset demands as a mixed discrete-continuous portfolio choice problem. We find that whereas there is an identifiable effect of pension wealth on total private savings, the effect on portfolio choice is less significant. Moreover, within the area of portfolio composition the main effect is in terms of the particular number and combination of assets held rather than the amount of any given asset as a proportion of total wealth.
ER  -