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Capital movements --- International finance --- Monetary policy --- Investments, Foreign --- Capital --- Africa --- AFR / Africa - Afrika - Afrique --- 338.340 --- 382.242.0 --- 382.242.1 --- 339.113 --- -International finance --- -Investments, Foreign --- -332.042 --- Capital exports --- Capital imports --- FDI (Foreign direct investment) --- Foreign direct investment --- Foreign investment --- Foreign investments --- International investment --- Offshore investments --- Outward investments --- Investments --- Monetary management --- Economic policy --- Currency boards --- Money supply --- International monetary system --- International money --- Finance --- International economic relations --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Balance of payments --- Foreign exchange --- Algemene ontwikkeling in de Derde Wereld. --- Balans van het kapitaalverkeer: algemeenheden. --- Bewegingen van langlopend kapitaal. --- Buitenlandse investeringen. --- Algemene ontwikkeling in de Derde Wereld --- Balans van het kapitaalverkeer: algemeenheden --- Bewegingen van langlopend kapitaal --- Buitenlandse investeringen --- Capital movements - Africa, Sub-Saharan. --- Monetary policy - Africa, Sub-Saharan. --- Investments, Foreign - Africa, Sub-Saharan. --- -Capital movements --- -Investments, Foreign -

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Empirical tests of the life cycle model have focused on its implications for the level of a household's total net worth and paid little attention to changes in portfolio composition over the life cycle. In this paper, we examine a new survey of the asset holdings of 6,010 U.S households and show that there is a pronounced life-cycle pattern to both the number and value of assets held by U.S. households. Direct survey evidence suggests that incomplete information is a significant determinant of household portfolio composition. We test the hypothesis that information about investment opportunities arrives stochastically over time, estimating a Poisson model for the arrival of new information.