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Displaying results 1 to 5 of 5.

  1. Cognitive abilities and portfolio choice
    Author: Christelis, Dimitris; Jappelli, Tullio; Padula, Mario
    Published: 2008
    Publisher:  Univ.-Bibliothek Frankfurt am Main, Frankfurt am Main

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  2. Participation following sudden access
    Author: Fuchs-Schündeln, Nicola; Chaliasos, Michaēl
    Published: 18 March 2019
    Publisher:  Centre for Economic Policy Research, London

    Access:
    Verlag (lizenzpflichtig)
    Verlag (lizenzpflichtig)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    LZ 161
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Mannheim
    Inter-library loan:
    No inter-library loan
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP13596
    Subjects: Household finance; asset market access; stockholding; household debt; consumer credit; social interactions; counterfactual analysis; German reunification
    Scope: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  3. Does product familiarity matter for participation?
    Author: Fuchs-Schündeln, Nicola; Chaliasos, Michaēl
    Published: [2015]
    Publisher:  SAFE, Sustainable Architecture for Finance in Europe, Frankfurt am Main

    Household access to financial products is often conditioned on previous use. However, banning access when learning is possible may be discriminatory or counterproductive. The 'experiment' of German reunification (exogenously) offered to East Germans... more

    Access:
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 431
    Inter-library loan:
    No inter-library loan

     

    Household access to financial products is often conditioned on previous use. However, banning access when learning is possible may be discriminatory or counterproductive. The 'experiment' of German reunification (exogenously) offered to East Germans unconditional access to (exogenously) unfamiliar capitalist products. Controlling for characteristics, East Germans participated immediately, were as likely to use unfamiliar risky securities as West Germans, and more likely to use consumer debt, without signs of regret. Our results suggest that mistakes of unfamiliar households can be prevented by a knowledgeable and well-incentivized financial sector and by interaction with familiar peers. This implies that regulation should refocus on the financial sector rather than on prohibiting individuals to gain familiarity with financial products.

     
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    Content information
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/203281
    Series: SAFE working paper ; no. 63
    Subjects: Household finance; familiarity; regulation; investor protection; financialliteracy; stockholding; household debt; consumer credit; social interactions; counterfactual analysis; German reunification
    Scope: 1 Online-Ressource (circa 63 Seiten), Illustrationen
  4. The impact of health insurance on stockholding
    a regression discontinuity approach
    Author: Christelis, Dimitris; Georgarakos, Dimitris; Sanz de Galdeano, Anna
    Published: 2014
    Publisher:  IZA, Bonn

    Using data from the US Health and Retirement Study, we study the causal effect of increased health insurance coverage through Medicare and the associated reduction in health-related background risk on financial risk-taking. Given the onset of... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 4 (8635)
    Inter-library loan:
    No inter-library loan

     

    Using data from the US Health and Retirement Study, we study the causal effect of increased health insurance coverage through Medicare and the associated reduction in health-related background risk on financial risk-taking. Given the onset of Medicare at age 65, we identify our effect of interest using a regression discontinuity approach. We find that getting Medicare coverage induces stockholding for those with at least some college education, but not for their less-educated counterparts. Hence, our results indicate that a reduction in background risk induces financial risk-taking in individuals for whom informational and pecuniary stock market participation costs are relatively low.

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/106579
    Series: Discussion paper series / Forschungsinstitut zur Zukunft der Arbeit ; 8635
    Subjects: health insurance; Medicare; stockholding; regression discontinuity; household finance
    Scope: Online-Ressource (37 S.), graph. Darst.
  5. Does product familiarity matter for participation?
    Author: Fuchs-Schündeln, Nicola; Chaliasos, Michaēl
    Published: 2014
    Publisher:  SAFE, Frankfurt am Main

    Regulation of investor access to financial products is often based on product familiarity indicated by previous use. The underlying premise that lack of familiarity with a product class causes unwarranted participation is difficult to test. This... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 431 (63)
    Inter-library loan:
    No inter-library loan

     

    Regulation of investor access to financial products is often based on product familiarity indicated by previous use. The underlying premise that lack of familiarity with a product class causes unwarranted participation is difficult to test. This paper uses household-level data from the 'experiment' of German reunification that (exogenously) offered to East Germans access to capitalist products (exogenously) unfamiliar to them. We compare the evolution of post-unification participation of former East and West Germans in financial products, controlling for relevant household characteristics. We vary familiarity differentials by considering (i) both unfamiliar 'capitalist' products (stocks, bonds, and consumer credit) and ones available in the East (savings accounts and life insurance); and (ii) cohorts with different exposure to capitalism. We find that East Germans participated immediately in unfamiliar risky securities, at rates comparable to West Germans of similar characteristics. They phased out disproportionate participation in previously familiar assets as familiarity with capitalist products grew. They were more likely to use consumer debt, partly to catch up with richer new peers. We find no signs of abrupt participation drops that could suggest mistakes or regret related to lack of familiarity.

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/100050
    Series: SAFE working paper series ; 63
    Subjects: household finance; familiarity; financial literacy; stockholding; household debt; social interactions; consumer credit; counterfactual analysis; German reunification
    Scope: Online-Ressource ([3], 61 S.), graph. Darst.
    Notes:

    Datei gelöscht auf Wunsch der herausgebenden Institution