Risk management, housing and stockholding
Luc Arrondel
(1, 2)
,
Frédéric Savignac
(3)
Luc Arrondel
- Fonction : Auteur
- PersonId : 181098
- IdHAL : luc-arrondel
- ORCID : 0000-0003-0189-0175
- IdRef : 031987877
Résumé
This article investigates the possible explanations of the stockholding puzzle by focusing on housing and other uninsurable risks (associated with income, health and business). Taking the French household wealth survey (Patrimoine 2004, French National Statistical Institute), we find that the share of financial wealth invested in stocks depends on transaction and information costs, risk aversion, exposure to real estate risk and, to a lesser extent, labour market risk. These results are obtained by controlling for endogenous home ownership status.
Domaines
Economies et financesFormat du dépôt | Notice |
---|---|
Type de dépôt | Article dans une revue |
Titre |
en
Risk management, housing and stockholding
|
Résumé |
en
This article investigates the possible explanations of the stockholding puzzle by focusing on housing and other uninsurable risks (associated with income, health and business). Taking the French household wealth survey (Patrimoine 2004, French National Statistical Institute), we find that the share of financial wealth invested in stocks depends on transaction and information costs, risk aversion, exposure to real estate risk and, to a lesser extent, labour market risk. These results are obtained by controlling for endogenous home ownership status.
|
Auteur(s) |
Luc Arrondel
1, 2
, Frédéric Savignac
3
1
PSE -
Paris-Jourdan Sciences Economiques
( 139754 )
- 48 boulevard Jourdan 75014 Paris
- France
2
PSE -
Paris School of Economics
( 301309 )
- 48 boulevard Jourdan 75014 Paris
- France
3
Centre de recherche de la Banque de France
( 171776 )
- 31 rue Croix des petits champs 75001 PARIS - France
- France
|
Langue du document |
Anglais
|
Nom de la revue |
|
Vulgarisation |
Non
|
Comité de lecture |
Oui
|
Audience |
Internationale
|
Date de publication |
2015-07
|
Volume |
47
|
Numéro |
39
|
Page/Identifiant |
4208-4227
|
Domaine(s) |
|
Mots-clés (JEL) |
|
Financement |
|
Mots-clés |
en
portfolio choice, background risks, housing demand, life-cycle model
|
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