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| Tekijä: | Fredriksson, J-E. |
| Otsikko: | Portfolio composition of individual investors in Finland |
| Lehti: | Liiketaloudellinen aikakauskirja
2002 : 4, p. 337-368 |
| Asiasana: | Stock markets Portfolio investment Theories Finland Nordic countries |
| Kieli: | eng |
| Tiivistelmä: | This paper aims to research the relationship btw. investor characteristics and property ownership among individual investors in Finland. By using the data obtained from the Finnish tax authorities, the study also adds to the literature by introducing a unique and comprehensive data source. The data in this paper consist of property ownership records of 51.673 inhabitants of Finland. (as of Dec. 31 in 2000), calculated according to the taxation values, and the aggregate value of total wealth is divided into nine subcategories, i.e. (1) forest, (2) real estate, (3) apartments, (4) family enterprises, (5) foreign property, (6) shares of mutual funds, (7) private firm net assets, (8) agricultural net assets, and (9) other property. In the paper, a descriptive analysis is employed to create an understanding of the wealth distribution in Finland,a regression analysis is conducted to identify the key drivers for wealth in Finland, and lastly, Markowitz s Portfolio Selection model is used to examine the optimality of portfolio composition among Finnish individual investors. The findings of this study are among others that half of the people in Finland own some property, the mean value of the portfolio being FIM 238.000. |
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