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Funding Self-Employment: The Role of Consumer Credit
Kneiding, Christoph; Kritikos, Alexander S. - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2011
This paper investigates whether self-employed households use consumer loans - in particular instalment loans and overdrafts - to finance business activities. Controlling for financial and non-financial household variables we show that self-employed households particularly use personal overdrafts...
Persistent link: https://www.econbiz.de/10009401160
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Financial Risk Aversion and Household Asset Diversification
Barasinska, Nataliya; Schäfer, Dorothea; Stephan, Andreas - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2008
This paper explores the relationship between risk attitude and asset diversification in household portfolios. We first examine the impact of manifested risk aversion on the total number of distinct assets held in a portfolio (naive diversification). The second part of the paper focuses on a more...
Persistent link: https://www.econbiz.de/10004963651
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Mortgage Market Maturity and Homeownership Inequality among Young Households: A Five-Country Perspective
Bicakova, Alena; Sierminska, Eva - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2008
relate it to cross-country differences in mortgage market maturity. We find that aside from Italy, homeownership rates and … inequality in the four countries correspond to their mortgage take up rates and its distribution across income, reflecting the … different degree of development of their respective mortgage markets. In Italy, alternative ways of financing, such as family …
Persistent link: https://www.econbiz.de/10005069036
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Financial Risk Aversion and Household Asset Diversification
Barasinska, Nataliya; Schäfer, Dorothea; Stephan, Andreas - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009
This paper explores the relationship between self-declared risk aversion of private investors and their willingness to hold diversified portfolios of financial assets. The analysis is based on household survey data from the German Socioeconomic Panel (SOEP) that provides a reliable measure of...
Persistent link: https://www.econbiz.de/10010661268
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Foreign Currency Borrowing: The Case of Hungary
Pellényi, Gábor; Bilek, Péter - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009
We use household survey data from Hungary to analyse the determinants of foreign currency (FX) borrowing. We do not find evidence that Hungarian FX borrowers are better educated, wealthier or more risk-loving than their peers. In fact, FX borrowing is a common phenomenon driven mostly by...
Persistent link: https://www.econbiz.de/10010661282
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Profitability of Pension Contributions: Evidence from Real-Life Employment Biographies
Schröder, Carsten - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2010
Micro-econometric intra-cohort profitability analyses of pay-as-you-go (PAYG) pension contributions are rare. We use representative employment histories of a birth cohort of German PAYG pension insurants retiring in year 2005 to econometrically examine the determinants of the profitability of...
Persistent link: https://www.econbiz.de/10008645019
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Financial Risk Aversion and Household Asset Diversification
Barasinska, Nataliya; Schäfer, Dorothea; Stephan, Andreas - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009
This paper explores the relationship between self-declared risk aversion of private investors and their willingness to hold diversified portfolios of financial assets. The analysis is based on household survey data from the German Socioeconomic Panel (SOEP) that provides a reliable measure of...
Persistent link: https://www.econbiz.de/10011128091
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Foreign Currency Borrowing: The Case of Hungary
Pellényi, Gábor; Bilek, Péter - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009
We use household survey data from Hungary to analyse the determinants of foreign currency (FX) borrowing. We do not find evidence that Hungarian FX borrowers are better educated, wealthier or more risk-loving than their peers. In fact, FX borrowing is a common phenomenon driven mostly by...
Persistent link: https://www.econbiz.de/10011128104
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Rates of Return and Early Retirement Disincentives: Evidence from a German Pension Reform
Lüthen, Holger - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2014
To counteract the financial pressure emerging in aging societies, statutory pay-as-you-go pension schemes are undergoing fundamental reforms in many Western countries. Starting with cohort 1937, Germany introduced permanent pension deductions for early retirement. This paper examines the...
Persistent link: https://www.econbiz.de/10011128863
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Hidden Skewness: On the Difficulty of Multiplicative Compounding under Random Shocks
Ensthaler, Ludwig; Nottmeyer, Olga; Weizsäcker, Georg; … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2013
Multiplicative growth processes that are subject to random shocks often have a skewed distribution of outcomes. In a number of incentivized laboratory experiments we show that a large majority of participants either strongly underestimate skewness or ignore it completely. Participants...
Persistent link: https://www.econbiz.de/10011128865