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Consumer Behavior in Financial Markets
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Enrichetta Ravina

Enrichetta Ravina is a Visiting Associate Professor of Finance at the Kellogg School of Management. Professor Ravina's research focuses on Household Finance, Behavioral Finance, and Corporate Finance. Some of her recent research projects examine the investment and trading behavior of individuals in 401(k) plans, brokerage accounts, and other type of financial accounts, with special emphasis on the role of behavioral biases, imperfect information, financial anxiety, and inertia in affecting such decisions. She has also studied the portfolio allocations of high net-worth US households, and conducted several studies in Fin-Tech about the measurement of investors' risk attitudes and their evolution over time, and the effect of beauty, race and other personal characteristics in credit markets. Her work has been published at journals such as the Review of Financial Studies and the Journal of Financial Economics, and featured in The Wall Street Journal, the Financial Times, and The Atlantic. Prior to joining Kellogg, Professor Ravina was an Assistant Professor of Finance at NYU Stern (2005-2008), and an Assistant Professor of Finance and Economics at Columbia Business School (2008-2017). She holds a Ph.D. and an M.A. in Economics from Northwestern University, and a B.A. degree in Economics from the University of Torino, Italy.

Contact information

Associate Professor, Kellogg School of Management

Website

Consumer Behavior in Financial Markets 2020 “Retirement Savings Adequacy in U.S. Defined Contribution Plans” Enrichetta Ravina. Discussant: Giulio Fella

Over time, there has been a shift from the defined benefit (DB) to the defined contribution (DC) plan. The advantage of the DC plan is that, in theory, workers can pick their level of savings and the way in which the savings are invested. The drawback of that, however, is that if people lack financial literacy, workers could end up worse off than they were during the previous scheme. Hear Enrichetta Ravina present the main findings from their paper including an estimate of the evolution of workers’ savings and investment decisions, for which they use actual past behaviour and observable characteristics instead of a structural life-cycle model. The presentation is followed by commentary by Giulio Fella.

Paper

"Retirement Savings Adequacy in U.S. Defined Contribution Plans"

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