Despite a considerable premium on equity with respect to risk free assets, many households do not own stocks. We ask why the prevalence of stockholding is so limited. We focus on individuals' attitudes towards risk and identify relevant factors that affect the willingness to take financial...

This paper jointly analyzes a behavioral and a cultural concept to explain household debt portfolio choice. The behavioral approach explores the role of time preferences on household debt maturity in a theoretical model and a numerical analysis. We derive a positive relationship between the...