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Stockholding in France: the role of financial literacy and information

Luc Arrondel (), Majdi Debbich and Frédérique Savignac
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Majdi Debbich: PSE - Paris-Jourdan Sciences Economiques - CNRS - Centre National de la Recherche Scientifique - ENPC - École des Ponts ParisTech - EHESS - École des hautes études en sciences sociales - INRA - Institut National de la Recherche Agronomique - ENS Paris - École normale supérieure - Paris, PSE - Paris School of Economics

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Abstract: We use an original household survey to study the links between stockholding, financial literacy and acquisition of financial information within the French population. Controlling for subjective expectations on stock market returns and for risk aversion, we find that stock market participation is positively related to basic financial literacy and financial information acquisition through the press reading and the family financial context during childhood. We also find that basic financial literacy is not correlated with the share of stocks in financial assets conditionally on stockownership, while the correlation with information acquisition is significant.

Keywords: stockholding puzzle; financial literacy; information acquisition (search for similar items in EconPapers)
Date: 2015-07
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Published in Applied Economics Letters, Taylor & Francis (Routledge): SSH Titles, 2015, 22 (16), pp.1315-1319. 〈10.1080/13504851.2015.1026578〉

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DOI: 10.1080/13504851.2015.1026578

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