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| Tekijä: | Bertraut, C. |
| Otsikko: | Stockholding behavior of U.S. households: evidence from the 1983-1989 survey of consumer finances |
| Lehti: | Review of Economics and Statistics
1998 : MAY, VOL. 80:2, p. 263-275 |
| Asiasana: | USA HOUSEHOLD ECONOMICS CONSUMERS |
| Kieli: | eng |
| Tiivistelmä: | Most households persistently invest in riskless assets but not stocks, and may do so because they perceive information required for market participation to be costly relative to expected benefits. In a Consumption Capital Asset Pricing Model increased risk aversion, income risk, and lower resources reduce the information expense sufficient to deter stockholding. Bivariate probit analysis using the 1983-1989 Survey of Consumer Finances shows that households with lower risk aversion, higher education, and greater wealth who were nonstockholders in 1983 had an increased conditional probability of entering by 1989. |
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