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URL:
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http://ub-madoc.bib.uni-mannheim.de/3006
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URN:
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urn:nbn:de:bsz:180-madoc-30061
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Document Type:
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Working paper
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Year of publication:
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2010
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Publication language:
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English
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Institution:
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School of Law and Economics > Sonstige - Fakultät für Rechtswissenschaft und Volkswirtschaftslehre
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MADOC publication series:
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Veröffentlichungen des MEA (Mannheim Research Institute For the Economics of Aging) > MEA Discussion Papers
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Subject:
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330 Economics
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Classification:
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JEL:
C42 D12 D84 G11 ,
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Subject headings (SWD):
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Niederlande , Kapitalertrag , Anlageverhalten , Haushalt
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Keywords (English):
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Probability , stock market participation , survey research
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Abstract:
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Despite its importance for the analysis of life-cycle behavior and, in particular, retirement planning, stock ownership by private households is poorly understood. Among other approaches to investigate this puzzle, recent research has started to elicit private households’ expectations of stock market returns. This paper reports findings from a study that collected data over a two-year period both on households’ stock market expectations (subjective probabilities of gains or losses) and on whether they own stocks. We document substantial heterogeneity in financial market expectations. Expectations are correlated with stock ownership. Over the two years of our data, stock market prices increased, and expectations of future stock market price changes also increased, lending support to the view that expectations are influenced by recent stock gains or losses.
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Additional information:
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