We show that household heads with a strong internal economic locus of control are more likely to hold equity and hold a …

We investigate the determinants of a household's decision on whether to invest in risky financial assets. Financial … measure income risk as the observed variation of household income over a five year period. We find that indeed higher income … risk reduces the propensity to invest in stocks. However, when controlling for household heterogeneity as well as …

household level information on consumption, income and portfolio holdings. We propose to use data on equity fund ownership to …