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Locus of Control and Investment in Risky Assets

Salamanca, Nicolas - 2016

We show that household heads with a strong internal economic locus of control are more likely to hold equity and hold a larger share of equity in their investment portfolio. This relation holds when we control for economic preferences and possible confounders such as financial literacy,...

Persistent link: https://www.econbiz.de/10012977336

Skewness Expectations and Portfolio Choice

Drerup, Tilman H.; Wibral, Matthias; Zimpelmann, Christian - 2022

Many models of investor behavior predict that investors prefer assets that they believe to have positively skewed return distributions. We provide a direct test of this prediction in a representative sample of the Dutch population. Using individual-level data on return expectations for a broad...

Persistent link: https://www.econbiz.de/10013406448

Belief Elicitation in Experiments : Is There a Hedging Problem?

Blanco, Mariana; Engelmann, Dirk; Koch, Alexander K.; … - 2021

existing belief elicitation results, (ii) can we avoid potential hedging confounds? Our results instill confidence regarding … both issues. We propose an experimental design that eliminates hedging opportunities, and use this to test for the … empirical relevance of hedging effects in the lab. We find no evidence for hedging, comparing the standard "hedging …

Persistent link: https://www.econbiz.de/10013325138

Household Portfolio Choice, Reference Dependence, and the Marriage Market

Li, Wenchao - 2017

This paper bridges the financial market and the marriage market using a reference-dependent mechanism. Male-biased sex ratios induce families with sons to hold more risky assets, since competitive marital payment in a tight market raises the reference level of marriage expenditure for such...

Persistent link: https://www.econbiz.de/10012963843

Portfolio Allocation, Income Uncertainty and Households' Flight from Risk

Brown, Sarah - 2016

Analysing the US Panel Study of Income Dynamics, we present a new empirical method to investigate the extent to which households reduce their financial risk exposure when confronted with background risk. Our novel modelling approach – termed a deflated fractional ordered probit model –...

Persistent link: https://www.econbiz.de/10012977335

To Own or Not to Own? Household Portfolios, Demographics and Institutions in a Cross-National Perspective

Sierminska, Eva - 2014

Using harmonized wealth data and a novel decomposition approach, we show that cohort effects exist in the income profiles of asset and debt portfolios for a sample of European countries, the U.S. and Canada. We find that younger households' participation decisions in assets are more responsive...

Persistent link: https://www.econbiz.de/10013061937

Financial Advice and Household Financial Portfolios

Brown, Sarah; Bucciol, Alessandro; Montagnoli, Alberto; … - 2023

We investigate the role of financial advice in shaping the composition of household portfolios in Great Britain. Advice is associated with a reallocation of wealth away from real estate and towards bonds and stocks, especially when households seek financial advice "for investments". Having a...

Persistent link: https://www.econbiz.de/10014258262

Unconditional Quantile Treatment Effects Under Endogeneity

Frölich, Markus; Melly, Blaise - 2021

This paper develops IV estimators for unconditional quantile treatment effects (QTE) when the treatment selection is endogenous. In contrast to conditional QTE, i.e. the effects conditional on a large number of covariates X, the unconditional QTE summarize the effects of a treatment for the...

Persistent link: https://www.econbiz.de/10013324857

An Alternative Explanation for the Variation in Reported Estimates of Risk Aversion

Conniffe, Denis - 2012

There is a large literature estimating Arrow-Pratt coefficients of absolute and relative risk aversion. A striking feature of this literature is the very wide variation in the reported estimates of the coefficients. While there are often legitimate reasons for these differences in the estimates,...

Persistent link: https://www.econbiz.de/10013099686

Is It Money or Brains? The Determinants of Intra-Family Decision Power

Bertocchi, Graziella - 2012

We empirically study the determinants of intra-household decision power with respect to economic and financial choices using a suitable direct measure provided in the 1989-2010 Bank of Italy Survey of Household Income and Wealth. Focusing on a sample of couples, we evaluate the effect of each...

Persistent link: https://www.econbiz.de/10013104671

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