[영문]We thank Statistics Sweden for providing the data. We received helpful comments from Monika Piazzesi (the editor), Nick Barberis, Gene Fama, Luigo Guiso, Tor Jacobson, Matti Keloharju, Francis Kramarz, Massimo Massa, Bruno Solnik, Tuomo Vuolteenaho, three anonymous referees, and seminar participants at Bocconi, Centre de Recherche en Economique et Statistiques, Gerzensee, Harvard, Imperial College, New York University, Riksbank, the University of Chicago, the University of Frankfurt, the University of Stockholm, the University of Vienna, Wharton, Yale, the 2006 Centre for Economic Policy Research Adam Smith Asset Pricing Conference, the 2006 Western Finance Association, the 2006 NBER Summer Institute, and the 2007 Bank of Spain Conference on Household Finances. The project benefited from excellent research assistance by Daniel Sunesson. This material is based on work supported by the Agence Nationale de la Recherche under a Chaire d'Excellence to Calvet, Bankforskningsinstitutet under a research grant to Sodini, the HEC Foundation, the National Science Foundation under grant 0214061 to Campbell, Riksbank, and the Wallander and Hedelius Foundation.