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dc.contributor.authorTas, Derya*
hal.structure.identifier
dc.contributor.authorCalvo Pardo, Hector*
hal.structure.identifier
dc.contributor.authorArrondel, Luc
HAL ID: 181098
ORCID: 0000-0003-0189-0175
*
dc.date.accessioned2012-07-23T10:07:43Z
dc.date.available2012-07-23T10:07:43Z
dc.date.issued2012-04
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/9805
dc.language.isoenen
dc.subjectSubjective Expectationsen
dc.subjectInformationen
dc.subjectStock Market Participationen
dc.subjectHousehold Financeen
dc.subject.ddc338.5en
dc.subject.classificationjelD12en
dc.subject.classificationjelD8en
dc.subject.classificationjelG11en
dc.titleSubjective Return Expectations, Information and Stock Market Participation : Evidence from Franceen
dc.typeDocument de travail / Working paper
dc.contributor.editoruniversityotherUniversity of Southampton;Royaume-Uni
dc.description.abstractenDespite of its importance for the economy, stock ownership by households is poorly under- stood. Recent research has uncovered that expectations of stock market returns by individuals strongly correlate with stock ownership. This paper reports new Öndings from a survey that collected data on stock market return expectations, individual information sets and stock ownership, for a representative sample by age and wealth (íMode de vie des FranÁaisí, TNS 2007). Individual information sets measure in probabilistic terms the beliefs that individuals hold about equity returns over the last Öve years. We Önd that (i) expected returns and information sets are very heterogeneous, hump-shaped in age, higher for males and increasing in wealth; (ii) stock ownership increases with the subjective conditional expectation of a positive return; and (iii) that information is costly acquired, sourced from social interactions, professionals, specialised media access, or own past experience, and is consistent with rational inattentiveness amongst optimists and income constrained respondents.en
dc.publisher.nameUniversité Paris-Dauphineen
dc.publisher.cityParisen
dc.identifier.citationpages48en
dc.relation.ispartofseriestitleCahiers de la Chaire les Particuliers Face aux Risquesen
dc.relation.ispartofseriesnumber65en
dc.description.sponsorshipprivateouien
dc.subject.ddclabelMicroéconomieen
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