Trond Døskeland- NHH Norwegian School of Economics
Trond Døskeland
- NHH Norwegian School of Economics
About
27
Publications
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Introduction
Current institution
Publications
Publications (27)
We examine the personal investment decisions of 60,000 households following a cancer diagnosis. To create a control group that minimizes the likelihood that the results are confounded by lifestyle factors, we rely on households diagnosed with the same diagnosis but a few years later. Our estimates show that a cancer diagnosis reduces households’ wi...
Responsible investment is increasingly prevalent, and both financial and moral concerns can drive such investment. In this article, we investigate how responsible investors of different wealth weigh financial and moral arguments. Prior research on different factors that may codetermine responsible investment behavior yield competing predictions abo...
Socially responsible investment is increasingly prevalent in financial markets and is characterized by the integration of financial and nonfinancial objectives. This paper investigates the influence of wealth concerns and moral concerns on individual investors' decisions to invest responsibly. We conduct a unique natural field experiment of investo...
Socially responsible investment is increasingly prevalent in financial markets and is characterized by the integration of financial and nonfinancial objectives. This paper investigates the influence of wealth concerns and moral concerns on individual investors’ decisions to invest responsibly. We conduct a unique natural field experiment of investo...
Using a novel data set covering all individual investors’ stock market transactions in Norway over 10 years, we analyze whether individual investors have a preference for professionally close stocks, and whether they make excess returns on such investments. After excluding own-company stock holdings, investors hold 11% of their portfolio in stocks...
Sovereign wealth funds (SWF) are a new name for assets held by governments in another country’s currency. These funds are
growing at an unprecedented rate and are becoming important players in global financial markets. In this paper, I describe
how these funds are being invested and I develop a classification of investment options available for sov...
Recent studies (e.g., Picconi (2006) and Coronado et al. (2008)) show that significant economic information such as pension information is not incorporated into analysts’ forecasts and stock prices. This result comes from studies which correlate different pension variables with analysts’ earnings forecasts or stock prices. However, little is known...
Using a novel and unique dataset from Norway, we analyze whether professional proximity is associated with asymmetric information and abnormal returns. We find that individuals hold an excess weight in stocks that are professionally close. For example, after excluding holdings of own-company and previous employer stock, investors on average hold 11...
In this paper we show that there exist intergenerational cross-subsidization effects in guaranteed interest rate life and pension contracts as the different generations partially share the same reserves. Early generations build up bonus reserves, which are left with the company at expiry of the contract. These bonus reserves function partly as a su...
In this paper we show that there exist intergenerational cross-subsidization effects in guaranteed interest rate life and pension contracts as the different generations partially share the same reserves. Early generations build up bonus reserves, which are left with the company at expiry of the contract. These bonus reserves function partly as a su...
This paper develops a simple strategic asset allocation model for a country with non-tradable assets and liabilities. Contemporaneous correlation does not capture the long-term relationship between the non-tradable items and the financial assets. I apply cointegration and duration matching to better identify the long-term relationship. The model is...
In this paper we analyze how the traditional life and pension contracts with a guaranteed rate of return can be optimized to increase customers’ welfare. Given that the contracts have to be priced correctly, we use individuals’ preferences to find the preferred design. Assuming CRRA utility, we cannot explain the existence of any form of guarantees...
In this paper we analyze how the traditional life and pension contracts with a guaranteed rate of return can be optimized to increase customers' welfare. Given that the contracts have to be priced correctly, we use individuals' preferences to find the preferred design. Assuming CRRA utility, we cannot explain the existence of any form of guarantees...
Questions
Question (1)
We have problem finding the fixed point of the log-linearization coefficients in numerical computations. We solve the model for pi_e = 4/5 (or 5 years horizon), then we get nice convergence. However, when we approach a ten year horizon, then it does not converge . It start out promising, but then everything explode! We use the same parameters as Viceira’s paper.
