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Liquidity and Ambiguity: Banks or Asset Markets?
Eichberger, Jürgen; Spanjers, Willy - 2007
consumers face uncertain liquidity needs. The ambiguity the consumers experience is modeled by the degree of confidence in their … additive beliefs. We analyze the optimal liquidity allocation and two institutional settings for implementing this allocation … with high liquidity needs. With increasing ambiguity this preference will be reversed: the asset market is preferred, since …
Persistent link: https://www.econbiz.de/10011422151
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The role of securitization in mortgage renegotiation
Agarwal, Sumit; Amromin, Gene; Ben-David, Itzhak; … - 2011
We study the effects of securitization on renegotiation of distressed residential mortgages over the current financial crisis. Unlike prior studies, we employ unique data that directly observe lender renegotiation actions and cover more than 60% of the U.S. mortgage market. Exploiting...
Persistent link: https://www.econbiz.de/10010292147
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Market-Based loss mitigation practices for troubled mortgages following the financial crisis
Agarwal, Sumit; Amromin, Gene; Ben-David, Itzhak; … - 2010
The meltdown in residential real-estate prices that commenced in 2006 resulted in unprecedented mortgage delinquency rates. Until mid-2009, lenders and servicers pursued their own individual loss mitigation practices without being significantly influenced by government intervention. Using a...
Persistent link: https://www.econbiz.de/10010292190
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Cognitive abilities and household financial decision making
Agarwal, Sumit; Mazumder, Bhash - 2010
We analyze the effects of cognitive abilities on two examples of consumer financial decisions where suboptimal behavior is well defined. The first example refers to consumers who transfer the entire balance from an existing credit card account to a new account, but use the new card for...
Persistent link: https://www.econbiz.de/10010292206
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Awareness and stock market participation
Guiso, Luigi; Jappelli, Tullio - 2005
The paper documents lack of awareness of financial assets in the 1995 and 1998 Bank of Italy Surveys of Household Income and Wealth. It then explores the determinants of awareness, and finds that the probability that survey respondents are aware of stocks, mutual funds and investment accounts is...
Persistent link: https://www.econbiz.de/10010298272
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Economic literacy: An international comparison
Jappelli, Tullio - 2010
Many studies show that most people are not financially literate and are unfamiliar with even the most basic economic concepts. However, the evidence on the determinants of economic literacy is scant. This paper uses international panel data on 55 countries from 1995 to 2008, merging indicators...
Persistent link: https://www.econbiz.de/10010303690
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Financial advisors: A case of babysitters?
Hackethal, Andreas; Haliassos, Michael; Jappelli, Tullio - 2009
We merge administrative information from a large German discount brokerage firm with regional data to examine if financial advisors improve portfolio performance. Our data track accounts of 32,751 randomly selected individual customers over 66 months and allow direct comparison of performance...
Persistent link: https://www.econbiz.de/10010303719
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Cognitive abilities and portfolio choice
Christelis, Dimitris; Jappelli, Tullio; Padula, Mario - 2008
We study the relation between cognitive abilities and stockholding using the recent Survey of Health, Ageing and Retirement in Europe (SHARE), which has detailed data on wealth and portfolio composition of individuals aged 50+ in 11 European countries and three indicators of cognitive abilities:...
Persistent link: https://www.econbiz.de/10010303747
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Herding, A-synchronous Updating and Heterogeneity in Memory in a CBS
Diks, Cees; van der Weide, Roy - 2003
This paper considers a simple Continuous Beliefs System (CBS) toinvestigate the effects on price dynamics of several behavioralassumptions: (i) herd behaviour; (ii) a-synchronous updating ofbeliefs; and (iii) heterogeneity in time horizons (memory) amongagents. The recently introduced concept of...
Persistent link: https://www.econbiz.de/10010324793
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Investment in financial literacy, social security and portfolio choice
Jappelli, Tullio; Padula, Mario - 2013
We present an intertemporal portfolio choice model where individuals invest in financial literacy, save, allocate their wealth between a safe and a risky asset, and receive a pension when they retire. Financial literacy affects the excess return and the cost of stock market participation. Since...
Persistent link: https://www.econbiz.de/10010326673