Risk management, housing and stockholding

被引:9
作者
Arrondel, Luc [1 ]
Savignac, Frederique [2 ]
机构
[1] Banque France, CNRS PSE, F-75014 Paris, France
[2] Banque France, F-75001 Paris, France
关键词
portfolio choice; background risks; housing demand; life-cycle model; PORTFOLIO CHOICE; WEALTH; INCOME; CONSUMPTION;
D O I
10.1080/00036846.2015.1026585
中图分类号
F [经济];
学科分类号
02 ;
摘要
This article investigates the possible explanations of the stockholding puzzle by focusing on housing and other uninsurable risks (associated with income, health and business). Taking the French household wealth survey (Patrimoine 2004, French National Statistical Institute), we find that the share of financial wealth invested in stocks depends on transaction and information costs, risk aversion, exposure to real estate risk and, to a lesser extent, labour market risk. These results are obtained by controlling for endogenous home ownership status.
引用
收藏
页码:4208 / 4227
页数:20
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