...Runliang Li Purpose This paper investigates the relationship between household wealth, financial market participation, and asset returns in China. While classic portfolio models predict wealth neutrality in risky asset allocation, empirical evidence from Western economies challenges this view. We...

...Otto Randl; Arne Westerkamp; Josef Zechner Purpose The authors analyze the equilibrium effects of non-tradable assets on optimal policy portfolios. They study how the existence of non-tradable assets impacts optimal asset allocation decisions of investors who own such assets and of investors who...