Towards an Explanation of Household Portfolio Choice Heterogeneity: Nonfinancial Income and Participation Cost Structures

By Annette Vissing-Jorgensen. 2002

590 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/c6eb98f87ea6e2eb0c430d741b1e916d9b84b2e9

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Citations in the corpus

Subjective measures of risk aversion, fixed costs, and portfolio choice (2011, unknown): “Potential explanations for the fact that many households do not hold stocks may be the costs of stock market participation (Vissing-Jorgensen, 2002) and peer effects (Hong et al., 2004; Christelis and Georgarakos, 2008).”
Do Wealth Fluctuations Generate Time-Varying Risk Aversion? Micro-Evidence on Individuals' Asset Allocation (2008, unknown): “We thank John Campbell, Darrell Duffie, Francisco Gomes, Joy Ishii, Frank de Jong, Christian Julliard, Martin Lettau, Chris Malloy, Filippos Papakonstantinou, Jonathan Parker, Jacob Sagi, Ken Singleton, Ilya Strebulaev, Annette Vissing-Jorgensen, Yihong Xia, Motohiro Yogo, and seminar participants a”
Learning to Take Risks? The Effect of Education on Risk-Taking in Financial Markets (2018, unknown): “In markets with frictions, transaction and information costs may explain why many individuals do not invest in stocks or other financial assets (Haliassos and Bertaut, 1995; Vissing-Jorgensen, 2002).”
Twin Picks: Disentangling the Determinants of Risk-Taking in Household Portfolios (2013, unknown): “…(2002), Carroll (2002), Cohn, Lewellen, Lease and Schlarbaum (1975), Eymann and Börsch-Supan (2002), Friend and Blume (1975), Guiso and Jappelli (2002), Guiso, Jappelli and Terlizzese (1996), King and Leape (1987, 1998), Lupton (2002), Perraudin and Sørensen (2000), and Vissing-Jorgensen (2002b).”
Are Economists More Likely to Hold Stocks (2007, unknown): “To perform this analysis, Vissing-Jørgensen (2002) estimates a sample selection model that corrects for the selection of individuals into the group of stock market participants.”
Household Stockholding in Europe: Where Do We Stand and Where Do We Go? (2003, background): “1 An important lesson from the literature is that even small costs are sufficient to keep many households out of the stock market, especially since the marginal investor wants to invest limited amounts in the stock market (Haliassos and Michaelides, 2003; Polkovnichenko, 2000; Paiella, 2001; Vissing”
Optimal Financial Knowledge and Wealth Inequality (2017, unknown): “For the participation cost of the sophisticated technology, we use the median estimate of $750 (in $2004) from Vissing-Jorgensen (2002).”
Ownership of Stocks and Mutual Funds: A Panel Data Analysis (2004, background): “It could also help analyze the importance of fixed costs of holding, buying, and selling assets, extending the work of Vissing-Jørgensen (2002). Second, if data for a longer time period become available, it seems useful to relate the ownership dynamics to the trends in the financial markets or to re”
Portfolio choice with internal habit formation : a life-cycle model with uninsurable labor income risk (2003, unknown): “1 Motivated by recent empirical work (Vissing-Jorgensen (2001) and Paiella (1999)) that suggests that small, fixed, entry costs can explain the observed low stock market participation rates, some of these papers have also introduced such costs in the life-cycle model.”