@unpublished{Bachetal2015,
  title = {Rich Pickings? {{Risk}}, Return, and Skill in the Portfolios of the Wealthy},
  author = {Bach, Laurent and Calvet, Laurent E. and Sodini, Paolo},
  year = {2015},
  url = {http://dx.doi.org/10.2139/ssrn.2706207},
  abstract = {We investigate wealth returns on an administrative panel containing the disaggregated balance sheets of Swedish residents. The expected return on household net wealth increases with net worth, exceeding the risk-free rate by 9\% for households in the top 0.01\%. The expected wealth return is driven by systematic risk-taking and exhibits strong persistence. Idiosyncratic risk is transitory but sufficiently large among business owners to generate substantial long-term disper- sion in returns in top brackets. We estimate the distribution of the geometric average return on gross wealth over a generation. Heterogeneity in returns explains most of the historical increase in top wealth shares.},
  keywords = {Determinants of Wealth and Wealth Inequality},
  note = {Unpublished manuscript}
}

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