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Temperance in stock market participation: evidence from France

Arrondel, Luc, Calvo Pardo, Hector and Oliver, Xisco (2010) Temperance in stock market participation: evidence from France Economica, 77, (306), pp. 314-333. (doi:10.1111/j.1468-0335.2008.00733.x).

Record type: Article


We explore empirically whether earnings uncertainty and borrowing constraints deter households from the stock market, consistent with the predictions of theoretical studies of portfolio choice in the presence of uninsurable earnings. Since recent extensions highlight the importance of the correlation between earnings and financial risks, here we use a self-assessed proxy from the DELTA-TNS 2002 cross-sectional survey to empirically assess the impact. Although income risk does not affect the participation decision of households' reporting a negative correlation, it does lower the participation of those who report a non-negative sign, consistent with economic theory predictions.

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e-pub ahead of print date: 16 October 2008
Published date: April 2010
Organisations: Economics


Local EPrints ID: 65405
ISSN: 0013-0427
PURE UUID: a851a6c8-76c2-45f5-95ce-3ac952039050
ORCID for Hector Calvo Pardo: ORCID iD

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Date deposited: 09 Feb 2009
Last modified: 19 Jul 2017 00:34

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Author: Luc Arrondel
Author: Xisco Oliver

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