A participación no mercado de valoresPor que invisten os individuos?
- TANIA PUMARES IGLESIAS 1
- SARA FERNÁNDEZ LÓPEZ 1
- MILAGROS VIVEL BÚA 1
- LUCÍA REY ARES 1
- 1 Facultade de Ciencias Económicas e Empresariáis. Universidade de Santiago de Compostela
ISSN: 1132-2799
Datum der Publikation: 2015
Ausgabe: 24
Nummer: 1
Seiten: 21-34
Art: Artikel
Andere Publikationen in: Revista galega de economía: Publicación Interdisciplinar da Facultade de Ciencias Económicas e Empresariais
Zusammenfassung
A participación no mercado bolsista é un tema de estudo con varias décadas de historia, aínda hoxe en discusión, como resposta á persistencia de baixas taxas de participción. Neste traballo analízanse os determinantes da participación no devandito mercado mediante modelos probit, onde a variable dependente recolle a tenza directa de accións e/ou a participación indirecta a través de fondos de investimento. Os resultados amosan que a idade, educación, preferencias de risco e uso de internet resultan ser variables chaves á hora de explicar a participación dos fogares no mercado de valores na España.
Bibliographische Referenzen
- ALIMOHAMMADISAGVAND, B.; MATOS A. (2012): “Behavioral determinants of stock marketparticipation” (Tesina). Suecia: Lund University.
- ALMENBERG, J.; DREBER, A. (2011): Gender, stock market participation and financial literacy. (Working Paper, 737). Suecia: SSE/EFI.
- AMPUDIA, M. (2013): “Stockholding in Spain”, Journal of the Spanish Economic Association, 4, pp. 415-435.
- CHILE. BANCO CENTRAL DE CHILE (2013): Encuesta Financiera de Hogares: Metodología y principales resultados EFH 2011-2012, pp. 1-45.
- BARBER, B.; ODEAN, T. (2001): “Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment”, Quarterly Journal of Economics, 116(1), pp. 261–292.
- BERTOCCHI, G.; BRUNETTI, M.; TORRICELLI, C. (2009): “Marriage and Other Risky Assets: A Portfolio Approach”, Journal of Banking & Finance, 35, pp. 2902-2915.
- BOGAN, V. (2008): “Stock market participation and the Internet”, Journal of Financial and Quantitative Analysis, 43, pp. 191-212.
- CHRISTELIS, D.; JAPPELLI, T.; PADULA, M. (2010): “Cognitive abilities and portfolio choice”, European Economic Review, 54, pp. 18-38.
- CHRISTIANSEN, C.; JOENSEN, J.; RANGVID, J. (2010a): Fiction or fact: systematic gender differences in financial investments? . (Working Paper EFA 2007 Ljubljana Meetings Paper ).
- CHRISTIANSEN, C., JOENSEN, J. S. Y RANGVID, J. (2010b): The effects of marriage and divorce on financial investments: learning to love or hate risk? (CREATES Research Paper, 2010-57). Dinamarca: School of Economics and Management, University of Aarhus.
- COCCO, J. (2005): “Portfolio choice in the presence of housing”, The Review of Financial Studies, 18, pp. 535-567.
- COLE, S.; PAULSON, A.; SHASTRY, G. (2012): Smart money: the effect of education on financial behavior, (Working Paper, 09-071). Estados Unidos: Harvard Business School
- CONSTANTINIDES, G.; DONALSON, J.; MEHRA, R. (2002): “Junior can’t borrow: a new perspective of the equity premium puzzle”, Quartely Journal of Economics, 117, pp. 269-296.
- DIRER, A.; VISSER, M. (2013): “Portfolio choice and financial advice”, Finance: revue de l’Association Française de Finance, 34, pp. 35-64.
- DOHMEN, T.; FALK, A.; HUFFMAN, D.; SUNDE, U.; SCHUPP, J.; WAGNER, G. (2011): “Individual risk attitudes: measurement, determinants and behavioral consequences”, Journal of the European Economic Association, 9, pp. 522-550.
- FUJIKI, H.; HIRAKATA, N.; SHIOJI, E. (2012): Aging and household stockholdings: Evidence from Japanese Household Survey Data. (IMES Discussion Paper Series, 12-E-17). Japón: Banco de Japón.
- GARCÍA, R. (2013): The effect of education on financial market participation: evidence from Chile. (Working Paper, 2013-01). Chile: Pontificia Universidad Católica de Chile.
- GEORGARAKOS, D.; INDERST, R. (2011): “Financial advice and stock market participation”, Conference on “Household finance and consumption”. Luxemburgo: Banco Central Europeo y Banco Central de Luxemburgo.
- GUISO, L.; SAPIENZA, P.; ZINGALES, L. (2008): “Trusting the stock market”, The Journal of Finance, 63, pp. 2557-2599.
- GUISO, L.; SODINI, P. (2012): Household Finance. An emerging field. (Working Paper CEPR Discussion Papers, 8934). Londres: Centre for Economic Policy Research.
- HALKO, M.; KAUSTIA, M.; ALANKO, E. (2011): “The gender effect in risky asset holding”, Journal of Economic Behavior and Organization, 83, pp. 66–81.
- HANUSHEK, E.; WOESSMANN, L. (2008): “The role of cognitive skills in economic development”, Journal of Economic Literature, 46, pp. 607-668.
- HONG, H.; KUBIK, J.; STEIN, J. (2004): “Social interaction and stock-market participation”, The Journal of Finance, 59, pp. 137-163.
- JAPPELLI, T. (2010): “Economic literacy: an international comparison”, The Economic Journal, 120, pp. 429–451.
- KAUSTIA, M.; TORSTILA, S. (2011): “Stock market aversion? Political preferences and stock market participation”, Journal of Financial Economics, 100, pp. 98–112.
- KHORUNZHINA, N. (2011): Dynamic stock market participation of households. (Working Paper Munich Personal RePec Archive -MPRA-, 35310). Alemania: Biblioteca Universtiraia de Munich.
- LAAKSO, E. (2010): Stock market participation and household characteristics in Europe, (Tesina). Finlandia: Aalto University School of Economics. < http://epub.lib.aalto.fi/en/ethesis/pdf/12385/hse_ethesis_12385.pdf >
- LOVE, D. A. (2010): “The Effects of Marital Status and Children on Savings and Portfolio Choice”, Review of Financial Studies, Vol. 23; 385-432.
- PELLICER-GALLARDO, M. (2005): Education and financial market participation. (Working Paper, 51). Italia: Padova University.
- PURI, M.; ROBINSON, D. (2007): “Optimism and economic choice”, Journal of Financial Economics, 86, pp. 71-99.
- SERRANO, C.; HOESLI, M. (2009): Housing and its role in the household portfolio in Colombia. (Research Paper, 10-01). Génova: Swiss Finance Institute.
- SHILLER, R. J. (1984): “Stock Prices and Social Dynamics”, Brookings Papers on Economic Activity, 2, pp. 457-498.
- SPATARO L.; CORSINI L. (2013): Endogenous financial literacy, saving and stock market participation. (Working Paper MPRA, 44342). Alemania: Biblioteca de la Universidad de Munich.
- SUNDÉN, A.; SURETTE, B. (1998): “Gender differences in the allocation of assets in retirement savings plans”, American Economic Review, 88, pp. 207-211.
- VAN ROOIJ, M.; LUSARDI, A.; ALESSIE, R. (2011): “Financial literacy and stock market participation”, Journal of Financial Economics, 101 (2), pp. 449-472.
- VESTMAN, R. (2012): Limited stock market participation among renters and home owners, (Working Paper, 549). Society for Economic Dynamics.
- VISSING-JORGENSEN, A. (2004): “Perspectives on behavioral finance: Does irrationality disappear with wealth? Evidence from expectations and actions”, en M. Gertler y K. Rogogg [ed.]: NBER Macroeconomics Annual 2003, pp. 139-194. Estados Unidos: The MIT Press.
- YOONG, J. (2010): Financial Illiteracy and Stock Market Participation: Evidence from the RAND American Life Panel, (Working Paper, 2010-29). Pension Research Council.