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Analysis of Variance in Household Financial Portfolio Choice: Evidence from Spain

Francisco Callado-Muñoz (), J. Gonzalez-Chapela () and Natalia Utrero-González ()
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J. Gonzalez-Chapela: Centro Universitario de la Defensa de Zaragoza, Academia General Militar, Zaragoza, Spain

Authors registered in the RePEc Author Service: Jorge González Chapela ()

Czech Journal of Economics and Finance (Finance a uver), 2017, vol. 67, issue 5, 439-459

Abstract: We analyse the determinants of the household financial portfolio allocation using an estimator and a variance decomposition that take into account the constrained nature of household portfolio allocations. We apply these methods to a large data set 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 effects associated with risk aversion, education, liquidity constraints and income, but very modest effects are associated with family size and having accounts in stand-alone internet banks. Implications for policy are also derived.

Keywords: household portfolio; multivariate fractional logit; analysis of variance; Spanish Survey of Household Finances (search for similar items in EconPapers)
JEL-codes: C52 D10 D14 G11 (search for similar items in EconPapers)
Date: 2017
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Handle: RePEc:fau:fauart:v:67:y:2017:i:5:p:439-459