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| Author: | Arrondel, L. Pardo, H.C. Oliver, X. |
| Title: | Temperance in stock market participation: Evidence from France |
| Journal: | Economica
2010 : APR, VOL. 77:306, p. 314-333 |
| Index terms: | stock markets France financial risk earnings |
| Freeterms: | households |
| Language: | eng |
| Abstract: | This paper explores empirically whether earnings uncertainty and borrowing constraints discourage households from the stock markets. Since recent extensions highlight the importance of the correlation btw. earnings and financial risks, this study uses a self-assessed proxy from the DELTA-TNS 2002 cross-sectional survey to empirically assess the impact. Consistent with economic theory predictions, income risk (here as: i-r.) lowers the participation of those reporting a non-negative sign. However, i-r. does not affect the participation decision of households reporting a negative correlation. |
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