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Life-cycle investing and leverage : buying stock on margin can reduce retirement risk

Author: Ian Ayres; Barry Nalebuff; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, ©2008.
Series: Working paper series (National Bureau of Economic Research : Online), working paper no. 14094.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
"By employing leverage to gain more exposure to stocks when young, individuals can achieve better diversification across time. Using stock data going back to 1871, we show that buying stock on margin when young combined with more conservative investments when older stochastically dominates standard investment strategies?both traditional life-cycle investments and 100%-stock investments. The expected retirement  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Ian Ayres; Barry Nalebuff; National Bureau of Economic Research.
OCLC Number: 232546327
Notes: Title from PDF file as viewed on 7/14/2008.
Description: 1 online resource.
Series Title: Working paper series (National Bureau of Economic Research : Online), working paper no. 14094.
Responsibility: Ian Ayres, Barry J. Nalebuff.

Abstract:

"By employing leverage to gain more exposure to stocks when young, individuals can achieve better diversification across time. Using stock data going back to 1871, we show that buying stock on margin when young combined with more conservative investments when older stochastically dominates standard investment strategies?both traditional life-cycle investments and 100%-stock investments. The expected retirement wealth is 90% higher compared to life-cycle funds and 19% higher compared to 100% stock investments. The expected gain would allow workers to retire almost six years earlier or extend their standard of living during retirement by 27 years"--National Bureau of Economic Research web site.

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