EconPapers    
Economics at your fingertips  
 

Market Participation and Dividend Clienteles

Marco Rossi ()
Additional contact information
Marco Rossi: Department of Finance, Mays Business School, Texas A&M University, USA

Quarterly Journal of Finance (QJF), 2014, vol. 04, issue 04, 1-21

Abstract: Asset allocation and market participation are intimately related investment decisions. Studies of dividend clienteles often attribute the positive relation between age and dividends to lack of self-control, but consumers with self-control problems are precisely those less likely to hold securities. Using data from the Consumer Expenditure Survey (CEX), I model market participation and dividend preferences jointly and find evidence of self-selection bias in traditional regressions linking dividend preferences to investors' demographics. The positive relation between dividends and age is likely due to life-cycle considerations rather than to lack of self-control.

Keywords: Market participation; dividend clienteles; self-control; CEX (search for similar items in EconPapers)
Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.worldscientific.com/doi/abs/10.1142/S2010139214500128
Access to full text is restricted to subscribers

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wsi:qjfxxx:v:04:y:2014:i:04:n:s2010139214500128

Ordering information: This journal article can be ordered from

DOI: 10.1142/S2010139214500128

Access Statistics for this article

Quarterly Journal of Finance (QJF) is currently edited by Fernando Zapatero

More articles in Quarterly Journal of Finance (QJF) from World Scientific Publishing Co. Pte. Ltd.
Bibliographic data for series maintained by Tai Tone Lim ().

 
Page updated 2025-03-20
Handle: RePEc:wsi:qjfxxx:v:04:y:2014:i:04:n:s2010139214500128