Households' portfolio choices

S. Hochgürtel

Research output: ThesisDoctoral ThesisScientific

Abstract

This thesis presents four topics on households' portfolio choices. Empirically, households do not hold well-diversified wealth portfolios. In particular, they refrain from putting their savings into risky assets. We explore several ways that might help explaining this observation. Using Dutch microdata, we pay particular attention to taxes and transactions costs as explanatory factors and consider precautionary motives. We also devote a chapter to the interplay between financial asset holdings and housing wealth, and argue for the existence of spill-over effects across asset demands when consumers face nonnegativity type constraints. The empirical models presented have a static character. To better understand the dynamics of saving and portfolio behavior, we simulate a life cycle-consumption model with portfolio choices for impatient and liquidity constrained consumers.
Original languageEnglish
QualificationDoctor of Philosophy
Awarding Institution
  • Tilburg University
Supervisors/Advisors
  • van Soest, Arthur, Promotor
  • Alessie, R.J.M., Co-promotor, External person
Award date29 Jun 1998
Place of PublicationTilburg
Publisher
Print ISBNs9056680382
Publication statusPublished - 1998

Fingerprint

Household portfolios
Portfolio choice
Asset demand
Tax
Transaction costs
Wealth
Housing wealth
Household
Liquidity
Assets
Micro data
Empirical model
Spillover effects
Precautionary motive
Factors
Financial assets
Savings
Life-cycle consumption

Cite this

Hochgürtel, S. (1998). Households' portfolio choices. Tilburg: CentER, Center for Economic Research.
Hochgürtel, S.. / Households' portfolio choices. Tilburg : CentER, Center for Economic Research, 1998. 179 p.
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author = "S. Hochg{\"u}rtel",
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isbn = "9056680382",
series = "CentER Dissertation Series",
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Hochgürtel, S 1998, 'Households' portfolio choices', Doctor of Philosophy, Tilburg University, Tilburg.

Households' portfolio choices. / Hochgürtel, S.

Tilburg : CentER, Center for Economic Research, 1998. 179 p.

Research output: ThesisDoctoral ThesisScientific

TY - THES

T1 - Households' portfolio choices

AU - Hochgürtel, S.

PY - 1998

Y1 - 1998

N2 - This thesis presents four topics on households' portfolio choices. Empirically, households do not hold well-diversified wealth portfolios. In particular, they refrain from putting their savings into risky assets. We explore several ways that might help explaining this observation. Using Dutch microdata, we pay particular attention to taxes and transactions costs as explanatory factors and consider precautionary motives. We also devote a chapter to the interplay between financial asset holdings and housing wealth, and argue for the existence of spill-over effects across asset demands when consumers face nonnegativity type constraints. The empirical models presented have a static character. To better understand the dynamics of saving and portfolio behavior, we simulate a life cycle-consumption model with portfolio choices for impatient and liquidity constrained consumers.

AB - This thesis presents four topics on households' portfolio choices. Empirically, households do not hold well-diversified wealth portfolios. In particular, they refrain from putting their savings into risky assets. We explore several ways that might help explaining this observation. Using Dutch microdata, we pay particular attention to taxes and transactions costs as explanatory factors and consider precautionary motives. We also devote a chapter to the interplay between financial asset holdings and housing wealth, and argue for the existence of spill-over effects across asset demands when consumers face nonnegativity type constraints. The empirical models presented have a static character. To better understand the dynamics of saving and portfolio behavior, we simulate a life cycle-consumption model with portfolio choices for impatient and liquidity constrained consumers.

M3 - Doctoral Thesis

SN - 9056680382

T3 - CentER Dissertation Series

PB - CentER, Center for Economic Research

CY - Tilburg

ER -

Hochgürtel S. Households' portfolio choices. Tilburg: CentER, Center for Economic Research, 1998. 179 p. (CentER Dissertation Series).