Analysis of deviance in household financial portfolio choice: evidence from Spain

Francisco Jose Callado Muñoz, Jorge González Chapela and Natalia Utrero González
Authors registered in the RePEc Author Service: Natalia Utrero-González and Francisco José Callado-Muñoz

MPRA Paper from University Library of Munich, Germany

Abstract: We analyze empirically the household financial portfolio allocation decision using a variance decomposition technique that takes into account the constrained, non-normal nature of household portfolio allocation observations. We apply the technique to a relatively wide collection of financial assets. Results show that the main factors underlying household financial portfolio choice in Spain are age and net wealth. Among others, there is also evidence of sizeable risk aversion, education, and income effects, but very modest effects are associated to family size and having accounts in stand-alone Internet banks. Implications for policy are also derived.

Keywords: household portfolio; analysis of deviance; Spanish Survey of Household Finances (search for similar items in EconPapers)
JEL-codes: C52 D10 D14 G11 (search for similar items in EconPapers)
Date: 2014-07-22
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:57497

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