Stockholding : Does housing wealth matter ?
Arrondel, Luc; Savignac, Frédérique (2009-09), Stockholding : Does housing wealth matter ?, Workshop Households, risk and insurance, 2010-01, Paris, France
TypeCommunication / Conférence
Titre du colloqueWorkshop Households, risk and insurance
Date du colloque2010-01
Ville du colloqueParis
Pays du colloqueFrance
MétadonnéesAfficher la notice complète
Résumé (EN)Following recent developments in the literature about portfolio choices (Flavin and Yamashita, 2002; Cocco, 2004; Yao and Zhang, 2005), this paper analyses the empirical link between stockholding and housing wealth. We use the French wealth survey (Enquête Patrimoine2004, Insee) that give us detailed informa- tion on households portfolio composition (housing and nancial wealth, mort- gages), socio-demographic variables, and several measures of attitudes (risk aversion, scales on time preference) and exposition to various risks (income, unemployment, health, business). We nd that housing wealth crowds out stock market participation: a homeowner who moves from the rst decile of the distribution of the housing wealth to the last one increases his probability to own stocks from 0.18 to 0.37. Among the other signi cant determinants of the equity premium puzzle, we emphasize the role of transaction and information costs, the attitude toward risk and the exposition to various risks in hampering investments in stocks.
Mots-clésPortfolio choice; housing demand; life-cycle model
Affichage des éléments liés par titre et auteur.
A methodology to analyze local housing wealth divergences in an aging shock context - Application to the case of France Simon, Arnaud; Essafi, Yasmine; Languillon, Raphaël (2021) Article accepté pour publication ou publié