Publications - Malene Kallestrup-Lamb en-us PURE Extension (Web Department) 30 <![CDATA[Households’ Investments in Socially Responsible Mutual Funds  ]]> Christiansen, C., Jansson, T., Kallestrup-Lamb, M., Norén, V. A. We use a large administrative panel data set to study which characteristics are related to households’ investments in socially responsible investing (SRI) mutual funds. To isolate financial and non-financial preferences for SRI investments, we distinguish between two types of SRI funds; ESG and charitable funds. We also analyze to what extent liquid wealth and age play a role in allocation of SRI funds. We find that participation in SRI funds is lower for young and retired investors. Moreover, we find that young adults are more likely to be ESG investors, while retired investors are more likely to participate in charitable funds. Further, liquid wealth is important for SRI participation but becomes less relevant once investors have sufficient liquid wealth. For the exposure to SRI funds, the overall picture is quite different as it is negatively related to wealth, income, risky share, and education. The relationship between investors’ characteristics and the returns on their conventional fund portfolio are similar for conventional and SRI investors. Our analysis indicates that SRI investors might have non-financial objectives for their SRI investments. Finally, we find that, on average, SRI investors earn higher returns on their total fund portfolio compared to conventional investors.

Research Sun, 01 Jan 2023 20:59:22 +0100 6b74f960-decd-4ce0-b1cc-7ddb45649434
<![CDATA[Forbrugerens udfordringer med forsikrings- og pensionsbeslutninger]]> Hougaard Jensen, S. E., Kallestrup-Lamb, M., Mogensen, S., Tanggaard, C. Research Wed, 01 Jan 2020 20:59:22 +0100 2506039a-cf65-4c1c-a34a-fb92893e2b02 <![CDATA[Labor Force Exit in Denmark 1980-2016: Impact from Changes in Incentives]]> Bingley, P., Datta Gupta, N., Kallestrup-Lamb, M., Pedersen, P. J. Research Fri, 01 Jan 2021 20:59:22 +0100 524990e6-aa4f-4c24-86ce-9155faca7345 <![CDATA[Linking retirement age to life expectancy does not lessen the demographic implications of unequal lifespans]]> Álvarez, J., Kallestrup-Lamb, M., Kjærgaard, S. Research Tue, 01 Dec 2020 20:59:22 +0100 1f5eb43c-a2ee-4ab3-b9a9-1301bd3725e1 <![CDATA[Insight into stagnating adult life expectancy]]> Kallestrup-Lamb, M., Kjærgaard, S., Rosenskjold, C. P.T. This study analyzes the complexity of female longevity improvements. As socioeconomic status is found to influence health and mortality, we partition all individuals, at each age in every year, into five socioeconomic groups based on an affluence measure that combine an individual's income and wealth. We identify the particular socioeconomic groups that have been driving the standstill for Danish females at older ages. Within each socioeconomic group, we further analyze the cause of death patterns. The decline in life expectancy for Danish females is present for four out of five subgroups, however, with particular large decreases for the low-middle and middle-affluence groups. Cancers, smoking-related lung and bronchus causes, and other diseases particularly contribute to the stagnation. For four of the five socioeconomic groups only small cardiovascular improvement are experienced during the period of stagnating life expectancy compared to an equally long and subsequent period.

Research Tue, 01 Dec 2020 20:59:22 +0100 16b35609-a912-4001-ad4c-ec455f736dab
<![CDATA[Variability in pension products]]> Balter, A. G., Kallestrup-Lamb, M., Rangvid, J. The Danish and the Dutch pension systems are often referred to as among the best in the world. We compare pension systems and pension products in Denmark and The Netherlands. We focus on the shifts that have taken place in both countries, from pension products with relatively low levels of risk for the participant to pension products with more risk but also higher expected return. We end by drawing lessons that are relevant for discussions in many countries.

Research Tue, 01 Sep 2020 20:59:22 +0200 f1c24ae6-062a-41fd-ae3d-e84813771bd1
<![CDATA[Longevity forecasting by socio-economic groups using compositional data analysis]]> Kjærgaard, S., Ergemen, Y. E., Bergeron-Boucher, M. ., Oeppen, J., Kallestrup-Lamb, M. Several Organisation for Economic Co-operation and Development countries have recently implemented an automatic link between the statutory retirement age and life expectancy for the total population to ensure sustainability in their pension systems due to increasing life expectancy. As significant mortality differentials are observed across socio-economic groups, future changes in these differentials will determine whether some socio-economic groups drive increases in the retirement age, leaving other groups with fewer pensionable years. We forecast life expectancy by socio-economic groups and compare the forecast performance of competing models by using Danish mortality data and find that the most accurate model assumes a common mortality trend. Life expectancy forecasts are used to analyse the consequences of a pension system where the statutory retirement age is increased when total life expectancy is increasing.

Research Wed, 01 Jan 2020 20:59:22 +0100 4ed64281-71af-4025-b9b3-e50655267f32
<![CDATA[The move towards riskier pensions: The importance of mortality]]> Balter, A. G., Kallestrup-Lamb, M., Rangvid, J. Research Wed, 27 Nov 2019 20:59:22 +0100 8b9f4ed1-462b-4519-8bb2-b2dfb68b5add <![CDATA[Insight into Stagnating Life Expectancy: Analysing Cause of Death Patterns across Socio-economic Groups]]> Kallestrup-Lamb, M., Kjærgaard, S., Rosenskjold, C. P. T. Research Mon, 18 Nov 2019 20:59:22 +0100 0814fbbb-454d-4050-a4b2-7edff343a037 <![CDATA[Modelling socio-economic differences in mortality using a new affluence index]]> Cairns, A. J.G., Kallestrup-Lamb, M., Rosenskjold, C., Blake, D., Dowd, K. We introduce a new modelling framework to explain socio-economic differences in mortality in terms of an affluence index that combines information on individual wealth and income. The model is illustrated using data on older Danish males over the period 1985-2012 reported in the Statistics Denmark national register database. The model fits the historical mortality data well, captures their key features, generates smoothed death rates that allow us to work with a larger number of sub-groups than has previously been considered feasible, and has plausible projection properties.

Research Tue, 01 Jan 2019 20:59:22 +0100 db67b240-63dd-4efa-b841-f658b55b3828
<![CDATA[Forecasting causes of death by using compositional data analysis]]> Kjærgaard, S., Ergemen, Y. E., Kallestrup-Lamb, M., Oeppen, J. ., Lindahl-Jacobsen, R. Cause-specific mortality forecasting is often based on predicting cause-specific death rates independently. Only a few methods have been suggested that incorporate dependence between causes. An attractive alternative is to model and forecast cause-specific death distributions, rather than mortality rates, as dependence between the causes can be incorporated directly. We follow this idea and propose two new models which extend the current research on mortality forecasting using death distributions. We find that adding age, time and cause-specific weights and decomposing both joint and individual variation between different causes of death increased the forecast accuracy of cancer deaths by using data for French and Dutch populations.

Research Fri, 01 Nov 2019 20:59:22 +0100 87ac0c3c-c301-45a4-9170-ba25b4a183d9
<![CDATA[Longevity forecasting by socio-economic groups using compositional data analysis]]> Kjærgaard, S., Ergemen, Y. E., Boucher, M. B., Oeppen, J., Kallestrup-Lamb, M. Research Mon, 13 May 2019 20:59:22 +0200 98037a30-96ba-4883-b805-cc4ab07775cc <![CDATA[Forecasting Causes of Death using Compositional Data Analysis: the Case of Cancer Deaths]]> Kjærgaard, S., Ergemen, Y. E., Kallestrup-Lamb, M., Oeppen, J., Lindahl-Jacobsen, R. Research Thu, 09 May 2019 20:59:22 +0200 bddd4589-6e3d-4ca4-b7bc-789edd5894ca <![CDATA[End-of-Life Medical Spending In Last Twelve Months of Life is Lower than Previously Reported]]> French, E. ., Aragon, M., Mccauley, J. ., et al. Although end-of-life medical spending is often viewed as a major component of aggregate medical expenditure, accurate measures of this type of medical spending are scarce. We used detailed health care data for the period 2009-11 from Denmark, England, France, Germany, Japan, the Netherlands, Taiwan, the United States, and the Canadian province of Quebec to measure the composition and magnitude of medical spending in the three years before death. In all nine countries, medical spending at the end of life was high relative to spending at other ages. Spending during the last twelve months of life made up a modest share of aggregate spending, ranging from 8.5 percent in the United States to 11.2 percent in Taiwan, but spending in the last three calendar years of life reached 24.5 percent in Taiwan. This suggests that high aggregate medical spending is due not to last-ditch efforts to save lives but to spending on people with chronic conditions, which are associated with shorter life expectancies.

Research Sun, 01 Jan 2017 20:59:22 +0100 7d625be1-13a9-4d6c-9eb3-ba8d76270138
<![CDATA[Insight into the Female Longevity Puzzle: Using Register Data to Analyse Mortality and Cause of Death Behaviour Across Socio-economic Groups]]> Kallestrup-Lamb, M., Rosenskjold, C. P. T. Research Mon, 13 Feb 2017 20:59:22 +0100 5c83326d-02c5-4e61-974c-103bd3413837 <![CDATA[Medical Spending in Denmark]]> Christensen, B. J., Gørtz, M., Kallestrup-Lamb, M. for Denmark, we document that medical spending is highly concentrated in the
population, and persistent through time at the individual level. In
addition, we provide overviews of institutional details of the Danish health
care system, aggregate trends in health care expenditures, and the relevant
register data. Nearly two thirds of expenditures are on hospitals and one
fifth on long-term care, with the remainder roughly equally split between
primary care and prescription drugs. Health expenditures are higher for men
than for women from age 61 to 78, and otherwise higher for women. Between
ages 50 and 80, hospital expenditures more than triple for men while more
than doubling for women, and total health expenditures quadruple for men
while tripling for women. The top 1 per cent of all spenders account for nearly one-quarter of total spending in a given year, and averaging over three years
only reduces this fraction to one-fifth. The top 20 per cent of spenders in a given year are more likely to remain in that category two years later than not. The poorest fifth of the population aged 25 and above is responsible for more than twice as much spending on health as the richest, and this reverse social gradient is even stronger for long-term care and is stronger among men than among women, especially in hospital expenses. Expenditures in the year (over the three years) before death are nearly 12 times (respectively nine times) higher than average, but nevertheless are only 11 per cent (respectively a quarter) of lifetime spending. Out-of-pocket expenses on prescription drugs only amount to 3 per cent of total health expenditures and are less concentrated than these.]]>
Research Mon, 21 Nov 2016 20:59:22 +0100 4ddab01c-de2c-4a6a-b979-8d39c77c9f45
<![CDATA[Modelling Socio-Economic Differences in the Mortality of Danish Males Using a New Affluence Index]]> Cairns, A. J.G., Kallestrup-Lamb, M., Rosenskjold, C. P. T., Blake, D., Dowd, K. We introduce a new multi-population mortality model that fits the historical mortality data very well and generates smoothed death rates that can be used to model a larger number of smaller sub-groups than has been previously possible without losing the essential character of the raw data.
The model produces bio-demographically reasonable forecasts of mortality rates that preserve the sub-group rankings at all ages. It also satisfies reasonableness criteria related to the term structure of correlations across ages and over time through consideration of future death and survival rates.]]>
Research Wed, 04 May 2016 20:59:22 +0200 13934e08-c472-48f2-a5b5-6dfb2fc7eae5
<![CDATA[Deterministic and stochastic trends in the Lee-Carter mortality model]]> Callot, L., Haldrup, N., Kallestrup-Lamb, M. stochastic and linear trend components to be identical may be too strong a simplification. In fact, the presence of a stochastic trend component may itself result from a bias induced by properly fitting the linear trend that characterizes mortality data. We find empirical evidence that this feature of the Lee–Carter model overly restricts the system dynamics and we suggest to separate the deterministic and stochastic time series components at the benefit of improved fit and forecasting performance. In fact, we find that the classical Lee–Carter model will otherwise overestimate the reduction of mortality for the younger age groups and will underestimate the reduction of mortality for the older age groups. In practice, our recommendation means that the Lee–Carter model instead of a one-factor model should be formulated as a two- (or several) factor
model where one factor is deterministic and the other factors are stochastic. This feature generalizes to the range of models that extend the Lee–Carter model in various directions.]]>
Research Thu, 01 Jan 2015 20:59:22 +0100 039529e8-e4a9-41f3-a170-54210c1530f2
<![CDATA[Lassoing the Determinants of Retirement]]> Kallestrup-Lamb, M., Kock, A. B., Kristensen, J. T. Research Fri, 01 Jan 2016 20:59:22 +0100 b16f62f3-588e-4c65-a8fd-58bf31465377 <![CDATA[Deterministic and stochastic trends in the Lee-Carter mortality model]]> Callot, L., Haldrup, N., Kallestrup-Lamb, M. Research Thu, 20 Nov 2014 20:59:22 +0100 63ce94af-d9c9-41f3-a403-8ab85a6c7eb4 <![CDATA[Lassoing the Determinants of Retirement]]> Kallestrup-Lamb, M., Kock, A. B., Kristensen, J. T. Research Mon, 01 Jul 2013 20:59:22 +0200 0803377f-93b0-441b-9eb4-4afc049d9dd8 <![CDATA[The Impact of Health Changes on Labor Supply: Evidence from Merged Data on Individual Objective Medical Diagnosis Codes and Early Retirement Behavior]]> Christensen, B. J., Kallestrup-Lamb, M. Research Sun, 01 Jan 2012 20:59:22 +0100 7fc73f82-8fcd-42ee-80b3-8764ec0b1216 <![CDATA[The Role of the Spouse in Early Retirement Decisions for Older Workers]]> Kallestrup-Lamb, M. Research Sun, 01 Jan 2012 20:59:22 +0100 d9e3bdc9-f5c6-4022-87e6-ca467b967460 <![CDATA[Health, Retirement and Mortality]]> Kallestrup-Lamb, M. Research Sat, 01 Jan 2011 20:59:22 +0100 bf39aca2-34ce-4865-8f1a-4fe1c04edf6b <![CDATA[The Impact of Health Changes on Labor Supply: Evidence from Merged Data on Individual Objective Medical Diagnosis Codes and Early Retirement Behavior]]> Christensen, B. J., Kallestrup-Lamb, M. ]]> Research Fri, 01 Jan 2010 20:59:22 +0100 8f48d730-cad3-11df-8cb9-000ea68e967b