Risk management, housing and stockholding
Article dans une revue: 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, Frédéric Savignac
Revue
- Applied Economics
Date de publication
- 2015
Mots-clés JEL
Mots-clés
- Portfolio choice
- Background risks
- Housing demand
- Life-cycle model
Pages
- 4208-4227
URL de la notice HAL
Version
- 1
Volume
- 47