Temperance in Stock Market Participation: Evidence from France

dc.contributor.author	Arrondel, L.
dc.contributor.author	Calvo-Pardo, H.
dc.contributor.author	Oliver, X.
dc.date.accessioned	2024-01-30T11:42:46Z
dc.date.available	2024-01-30T11:42:46Z
dc.identifier.uri	http://hdl.handle.net/11201/164356
dc.description.abstract	We explore empirically whether earnings uncertainty and borrowing constraints deter households from the stock market, consistent with the predictions of theoretical studies of portfolio choice in the presence of uninsurable earnings. Since recent extensions highlight the importance of the correlation between earnings and financial risks, here we use a self-assessed proxy from the DELTA-TNS 2002 cross-sectional survey to empirically assess the impact. Although income risk does not affect the participation decision of households' reporting a negative correlation, it does lower the participation of those who report a non-negative sign, consistent with economic theory predictions.
dc.format	application/pdf
dc.relation.isformatof	https://doi.org/10.1111/j.1468-0335.2008.00733.x
dc.relation.ispartof	Economica, 2010, vol. 77, num. 306, p. 314-333
dc.rights	, 2010
dc.subject.classification	33 - Economia
dc.subject.other	33 - Economics. Economic science
dc.title	Temperance in Stock Market Participation: Evidence from France
dc.type	info:eu-repo/semantics/article
dc.date.updated	2024-01-30T11:42:47Z
dc.rights.accessRights	info:eu-repo/semantics/openAccess
dc.identifier.doi	https://doi.org/10.1111/j.1468-0335.2008.00733.x