English, Article, Journal or magazine article edition: Temperant portfolio choice and background risk: evidence from France Luc Arrondel; Hector Calvo Pardo; Xisco Oliver

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Bookmark: http://trove.nla.gov.au/version/44148
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Temperant portfolio choice and background risk: evidence from France
Author
  • Luc Arrondel
  • Hector Calvo Pardo
  • Xisco Oliver
Physical Description
  • preprint
Notes
  • We explore empirically whether earnings uncertainty and borrowing constraints deter households from the stockmarket, consistent with the predictions of theoretical studies of portfolio choice in the presence of uninsurable earnings. Recent extensions highlight the importance of the correlation between earnings and financial risks. We use a self-assessed proxy for the correlation from the DELTA-TNS 2002 cross-sectional survey. While income risk does not deter from the stockmarket those households' reporting a negative correlation, it does for those who report a non-negative sign, consistent with economic theory predictions.
  • RePEc:pse:psecon:2007-16
Language
  • English
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