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Household Finance eJournal最新文献

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For worse? Financial hardships and intra-household resource allocation among Australian couples 更糟糕的是吗?澳大利亚夫妇的经济困难和家庭内部资源分配
Household Finance eJournal Pub Date : 2020-12-07 DOI: 10.2139/ssrn.3743875
F. Botha, D. Ribar
{"title":"For worse? Financial hardships and intra-household resource allocation among Australian couples","authors":"F. Botha, D. Ribar","doi":"10.2139/ssrn.3743875","DOIUrl":"https://doi.org/10.2139/ssrn.3743875","url":null,"abstract":"This paper considers the association between intra-household resource allocation and couple financial hardships in Australia. It develops and estimates a collective household model of expenditures on individual-specific necessities and hardship reporting where each partner has a distinct utility function and household decisions are assumed to be Pareto efficient. Using data from the 16th wave of the Household, Income, and Labour Dynamics in Australia Survey with unique questions on individual financial hardships, this paper addresses disadvantage brought about by financial hardships that may be shaped in part by the distributions of preferences and bargaining power within households. Wives report more hardships than husbands. Estimates indicate that wives have weaker preferences than husbands for expenditures on necessary goods for themselves, but there is no evidence of differences in bargaining power. Estimates further indicate that hardships increase with the number of children and each spouse’s disability status and decrease with their ages and subjective financial capabilities.","PeriodicalId":428959,"journal":{"name":"Household Finance eJournal","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121416768","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Heterogeneity in Returns to Wealth - Evidence from Swiss Administrative Data 财富回报的异质性——来自瑞士行政数据的证据
Household Finance eJournal Pub Date : 2020-12-06 DOI: 10.2139/ssrn.3743616
M. Brunner, Jonas Meier, Armando Naef
{"title":"Heterogeneity in Returns to Wealth - Evidence from Swiss Administrative Data","authors":"M. Brunner, Jonas Meier, Armando Naef","doi":"10.2139/ssrn.3743616","DOIUrl":"https://doi.org/10.2139/ssrn.3743616","url":null,"abstract":"In this paper we address how returns on financial assets vary across the population. Exploiting rich administrative data, we are able to neatly describe the heterogeneity across all parts of the distribution of wealth. We find compelling evidence that the rich benefit from higher returns. Likely, this is due to two different effects that have been called scale dependence and type dependence. The former is due to an observed positive correlation between net worth and returns. The latter describes a high persistence of returns for each individual, most possibly due to better information and market access advantages. We find evidence that both channels play an important role. Further, with respect to inequality, our results suggest that there is a wide heterogeneity across different socio-demographic dimensions in Switzerland which has been growing over time. Conceptually, this paper contributes by modelling the full distribution of returns. This allows to address the scale effect of net worth on the returns throughout the distribution of the latter. We find that net worth crucially determines the top of the return’s distribution highlighting another channel through which wealth inequality reinforces itself.","PeriodicalId":428959,"journal":{"name":"Household Finance eJournal","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121366944","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Consumer Protection for Financial Inclusion in Low and Middle Income Countries: Bridging Regulator and Academic Perspectives 中低收入国家普惠金融的消费者保护:衔接监管和学术视角
Household Finance eJournal Pub Date : 2020-12-01 DOI: 10.2139/ssrn.3750236
S. Garz, X. Giné, Dean S. Karlan, R. Mazer, Caitlin Sanford, Jonathan Zinman
{"title":"Consumer Protection for Financial Inclusion in Low and Middle Income Countries: Bridging Regulator and Academic Perspectives","authors":"S. Garz, X. Giné, Dean S. Karlan, R. Mazer, Caitlin Sanford, Jonathan Zinman","doi":"10.2139/ssrn.3750236","DOIUrl":"https://doi.org/10.2139/ssrn.3750236","url":null,"abstract":"Markets for consumer financial services are growing rapidly in low- and middle-income countries and are being transformed by digital technologies and platforms. With growth and change come concerns about protecting consumers from firm exploitation due to imperfect information and contracting as well as from their own decision-making limitations. We seek to bridge regulator and academic perspectives on these underlying sources of harm and five potential problems that can result: high and hidden prices, overindebtedness, postcontract exploitation, fraud, and discrimination. These potential problems span product markets old and new and could impact micro- and macroeconomies alike. Yet there is little consensus on how to define, diagnose, or treat such problems. Evidence-based consumer financial protection will require substantial advances in theory and especially empirics, and we outline key areas for future research. Expected final online publication date for the Annual Review of Financial Economics, Volume 13 is November 2021. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.","PeriodicalId":428959,"journal":{"name":"Household Finance eJournal","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130944441","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 20
To Change or Not to Change: The Impact of the Law on Mortgage Origination 改变还是不改变:法律对抵押贷款起源的影响
Household Finance eJournal Pub Date : 2020-12-01 DOI: 10.2139/ssrn.3751437
Ana Isabel Sá
{"title":"To Change or Not to Change: The Impact of the Law on Mortgage Origination","authors":"Ana Isabel Sá","doi":"10.2139/ssrn.3751437","DOIUrl":"https://doi.org/10.2139/ssrn.3751437","url":null,"abstract":"Differences in mortgage law have significant effects on loan characteristics at origination. Borrower-friendly laws impose higher costs and risks for lenders and, thus, induce effects on mortgage pricing and leverage. However, not all borrower-friendly laws have the same effects. This finding is established using loan-level data for the U.S. mortgage market between 2001 and 2011. Judicial foreclosure requirements imply higher mortgage interest rates due to higher recovery costs and activate the price channel. Recourse restrictions imply higher loan collateralization to compensate for the fewer recovery opportunities and activate the collateral channel.","PeriodicalId":428959,"journal":{"name":"Household Finance eJournal","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115902343","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Family Support in Hard Times: Dynamics of Intergenerational Exchange after Adverse Events 困难时期的家庭支持:不利事件后代际交换的动态
Household Finance eJournal Pub Date : 2020-12-01 DOI: 10.3386/w28295
Jessamyn Schaller, Chase S. Eck
{"title":"Family Support in Hard Times: Dynamics of Intergenerational Exchange after Adverse Events","authors":"Jessamyn Schaller, Chase S. Eck","doi":"10.3386/w28295","DOIUrl":"https://doi.org/10.3386/w28295","url":null,"abstract":"\u0000 We use event studies to examine changes in intergenerational financial transfers and informal care within families following wealth loss, job exit, widowhood, and health shocks. We find sharp reductions in giving to adult children following negative shocks to parents' wealth and earned income, particularly in low-wealth households. Giving also decreases with some health shocks and increases following spousal death. Meanwhile, children of low-wealth households increase financial transfers to parents following adverse shocks in parental households and children of both high- and low-wealth households sharply increase their provision of informal care to parents following a wide range of adverse shocks.","PeriodicalId":428959,"journal":{"name":"Household Finance eJournal","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133470291","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Trading Signatures: Investor Attention Allocation in Stock Markets 交易签名:股票市场中的投资者注意力分配
Household Finance eJournal Pub Date : 2020-11-27 DOI: 10.2139/ssrn.3687759
K. Baltakys, J. Kanniainen, J. Saramäki, M. Kivela
{"title":"Trading Signatures: Investor Attention Allocation in Stock Markets","authors":"K. Baltakys, J. Kanniainen, J. Saramäki, M. Kivela","doi":"10.2139/ssrn.3687759","DOIUrl":"https://doi.org/10.2139/ssrn.3687759","url":null,"abstract":"Investors in stock markets distribute their limited attention across different securities. Drawing on recent findings on social behavior, we ask whether there are persistent, characteristic patterns in how household investors distribute their attention. Our study builds on a large data set that contains every transaction of hundreds of thousands of households in a stock market for over 20 years. We find that the ways how investors distribute their attention are not only distinctive, but invariant with respect to changes in their portfolios. Moreover, investor behavior is surprisingly persistent: it takes at least seven years for an investor to significantly change her attention distribution. These observations are strikingly similar to recent findings on how people manage their social networks. However, in contrast to social relationships, time constraints do not appear to limit investors’ activeness in the markets.","PeriodicalId":428959,"journal":{"name":"Household Finance eJournal","volume":"74 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123190712","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Who is the Biggest Investor in the Stock Market, and Why Should You Care? 谁是股市最大的投资者，你为什么要关心?
Household Finance eJournal Pub Date : 2020-11-25 DOI: 10.2139/ssrn.3737711
James White, Victor Haghani
{"title":"Who is the Biggest Investor in the Stock Market, and Why Should You Care?","authors":"James White, Victor Haghani","doi":"10.2139/ssrn.3737711","DOIUrl":"https://doi.org/10.2139/ssrn.3737711","url":null,"abstract":"The US Treasury effectively ”owns” about 24% of the stocks held by high income US taxable investors. Through the capital gains tax, Uncle Sam has an effective exposure of more than $1 trillion of equities. And this huge-but-silent investor might be about to get a lot bigger if capital gains taxation is increased. But it’s not all bad news; luckily there is something you can do to lessen the blow. In this note, we’ll explain how adjusting your asset allocation to account for capital gains taxation can improve your after-tax expected welfare.","PeriodicalId":428959,"journal":{"name":"Household Finance eJournal","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128205632","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
It's a Boy! Culture, Wealth, Real Estate and Consumption in China 是个男孩!中国的文化、财富、房地产与消费
Household Finance eJournal Pub Date : 2020-11-24 DOI: 10.2139/ssrn.3746080
William G. Hardin, Mingzhi Hu, Zhenguo Lin
{"title":"It's a Boy! Culture, Wealth, Real Estate and Consumption in China","authors":"William G. Hardin, Mingzhi Hu, Zhenguo Lin","doi":"10.2139/ssrn.3746080","DOIUrl":"https://doi.org/10.2139/ssrn.3746080","url":null,"abstract":"The effect of children on household wealth and consumption patterns in China is investigated. Chinese cultural norms including indulgent care of single children, a strong preference for sons, increasing competition in the marriage market and the importance of homeownership in marriage suggest that the number, gender and age of children may impact a household’s investment and consumption behavior. Using China Family Panel Studies’ (CFPS) longitudinal data, we find that, after controlling for other factors, total wealth (consumption) for households with children is 18.1% (23.5%) more than that of households without children. More interestingly, further results show that households with male children have more wealth accumulation and more expenditure on consumption with a higher likelihood of owning additional residential real estate when compared to households with no or female children. The positive effect associated with children on household wealth is largely due to increased housing wealth including the ownership of additional residential units. The pattern of wealth and real estate ownership follows cultural and social norms.","PeriodicalId":428959,"journal":{"name":"Household Finance eJournal","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127471581","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Do Women Receive Worse Financial Advice? 女性会收到更糟糕的理财建议吗?
Household Finance eJournal Pub Date : 2020-11-17 DOI: 10.2139/ssrn.3671377
Utpal Bhattacharya, Amit Kumar, Sujata Visaria, Jing Zhao
{"title":"Do Women Receive Worse Financial Advice?","authors":"Utpal Bhattacharya, Amit Kumar, Sujata Visaria, Jing Zhao","doi":"10.2139/ssrn.3671377","DOIUrl":"https://doi.org/10.2139/ssrn.3671377","url":null,"abstract":"Trained undercover men and women posed as potential clients and visited all 65 local financial advisory firms in Hong Kong that cater to retail investors. Each auditor was assigned to an “avatar” consisting of a specific combination of attributes. We find that women are more likely than men to receive advice to buy only individual or only local securities. This effect is significant for financial planners, but not for securities firms. Women who signal that they are highly confident, highly risk tolerant, or have a domestic outlook are especially likely to receive dominated advice. Our theoretical model interprets these patterns as an interaction between statistical discrimination and advisors’ incentives. However, the data do not allow us to rule out taste-based discrimination.","PeriodicalId":428959,"journal":{"name":"Household Finance eJournal","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116302286","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
The Impact of the COVID-19 Confinement on the Financial Behavior of Individual Investors 新冠肺炎疫情对个人投资者金融行为的影响
Household Finance eJournal Pub Date : 2020-11-12 DOI: 10.2139/ssrn.3729202
Randy Priem
{"title":"The Impact of the COVID-19 Confinement on the Financial Behavior of Individual Investors","authors":"Randy Priem","doi":"10.2139/ssrn.3729202","DOIUrl":"https://doi.org/10.2139/ssrn.3729202","url":null,"abstract":"This article explores the impact of the COVID-19 lockdown in Belgium on the financial behavior of individual investors. Specifically, the article is the first to examine whether exceptional market circumstances have induced individual investors to increase their equity positions. Using a proprietary database of almost 6,5 million individual investor transactions, this article shows that most individuals used a contrarian strategy thereby buying shares when stock prices are falling. Especially investors between 18 and 35 years old and those being less experienced are found to increase their equity positions compared to other age and experience categories. Male investors seem to dominate equity markets in Belgium, even during the COVID-19 confinement period, and they increased their equity positions more in comparison to women. The patterns documented in this article are robust for the shares being constituents of the main Belgian equity index (i.e. Bel 20), for all listed shares on Euronext Brussels, and for small caps.","PeriodicalId":428959,"journal":{"name":"Household Finance eJournal","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131652716","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
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