A PARTICIPACIÓN NO MERCADO DE VALORES: POR QUE INVISTEN OS INDIVIDUOS?

Article Sidebar

PDF (Galego)
Published: 16-07-2015

Main Article Content

TANIA PUMARES IGLESIAS
Spain
Biography
SARA FERNÁNDEZ LÓPEZ
Universidade de Santiago de Compostela
Spain
Biography
MILAGROS VIVEL BÚA
Universidade de Santiago de Compostela
Spain
Biography
LUCÍA REY ARES
Biography
Vol 24 No 1 (2015), Articles, pages 17-28
DOI: https://doi.org/10.15304/rge.24.1.2681
Submitted: 16-07-2015 Accepted: 16-07-2015 Published: 16-07-2015
Copyright How to Cite

Abstract

A participación no mercado bolsista é un tema de estudo con varias décadas de historia, aínda hoxe en discusión, como resposta á persistencia de baixas taxas de participción. Neste traballo analízanse os determinantes da participación no devandito mercado mediante modelos probit, onde a variable dependente recolle a tenza directa de accións e/ou a participación indirecta a través de fondos de investimento. Os resultados amosan que a idade, educación, preferencias de risco e uso de internet resultan ser variables chaves á hora de explicar a participación dos fogares no mercado de valores na España.

Keywords:

determinantes, individuo, investimento, mercado bolsista
Cited by

Article Details

References

ALIMOHAMMADISAGVAND, B.; MATOS A. (2012): “Behavioral determinants of stock market participation” (Tesina). Suecia: Lund University.

ALMENBERG, J.; DREBER, A. (2011): Gender, stock market participation and financial literacy. (Working Paper, 737). Suecia: SSE/EFI.

AMPUDIA, M. (2013): “Stockholding in Spain”, Journal of the Spanish Economic Association, 4, pp. 415-435.

BARBER, B.; ODEAN, T. (2001): “Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment”, Quarterly Journal of Economics, 116(1), pp. 261–292.

BERTOCCHI, G.; BRUNETTI, M.; TORRICELLI, C. (2009): “Marriage and Other Risky Assets: A Portfolio Approach”, Journal of Banking & Finance, 35, pp. 2902-2915.

BOGAN, V. (2008): “Stock market participation and the Internet”, Journal of Financial and Quantitative Analysis, 43, pp. 191-212.

CHILE. BANCO CENTRAL DE CHILE (2013): Encuesta Financiera de Hogares: Metodología y principales resultados EFH 2011-2012, pp. 1-45.

CHRISTELIS, D.; JAPPELLI, T.; PADULA, M. (2010): “Cognitive abilities and portfolio choice”, European Economic Review, 54, pp. 18-38.

CHRISTIANSEN, C.; JOENSEN, J.; RANGVID, J. (2010a): Fiction or fact: systematic gender differences in financial investments? . (Working Paper EFA 2007 Ljubljana Meetings Paper ).

CHRISTIANSEN, C., JOENSEN, J. S. Y RANGVID, J. (2010b): The effects of marriage and divorce on financial investments: learning to love or hate risk? (CREATES Research Paper, 2010-57). Dinamarca: School of Economics and Management, University of Aarhus.

COCCO, J. (2005): “Portfolio choice in the presence of housing”, The Review of Financial Studies, 18, pp. 535-567.

COLE, S.; PAULSON, A.; SHASTRY, G. (2012): Smart money: the effect of education on financial behavior, (Working Paper, 09-071). Estados Unidos: Harvard Business School

CONSTANTINIDES, G.; DONALSON, J.; MEHRA, R. (2002): “Junior can’t borrow: a new perspective of the equity premium puzzle”, Quartely Journal of Economics, 117, pp. 269-296.

DIRER, A.; VISSER, M. (2013): “Portfolio choice and financial advice”, Finance: revue de l’Association Française de Finance, 34, pp. 35-64.

DOHMEN, T.; FALK, A.; HUFFMAN, D.; SUNDE, U.; SCHUPP, J.; WAGNER, G. (2011): “Individual risk attitudes: measurement, determinants and behavioral consequences”, Journal of the European Economic Association, 9, pp. 522-550.

FUJIKI, H.; HIRAKATA, N.; SHIOJI, E. (2012): Aging and household stockholdings: Evidence from Japanese Household Survey Data. (IMES Discussion Paper Series, 12-E-17). Japón: Banco de Japón.

GARCÍA, R. (2013): The effect of education on financial market participation: evidence from Chile. (Working Paper, 2013-01). Chile: Pontificia Universidad Católica de Chile.

GEORGARAKOS, D.; INDERST, R. (2011): “Financial advice and stock market participation”, Conference on “Household finance and consumption”. Luxemburgo: Banco Central Europeo y Banco Central de Luxemburgo.

GUISO, L.; SAPIENZA, P.; ZINGALES, L. (2008): “Trusting the stock market”, The Journal of Finance, 63, pp. 2557-2599.

GUISO, L.; SODINI, P. (2012): Household Finance. An emerging field. (Working Paper CEPR Discussion Papers, 8934). Londres: Centre for Economic Policy Research.

HALKO, M.; KAUSTIA, M.; ALANKO, E. (2011): “The gender effect in risky asset holding”, Journal of Economic Behavior and Organization, 83, pp. 66–81.

HANUSHEK, E.; WOESSMANN, L. (2008): “The role of cognitive skills in economic development”, Journal of Economic Literature, 46, pp. 607-668.

HONG, H.; KUBIK, J.; STEIN, J. (2004): “Social interaction and stock-market participation”, The Journal of Finance, 59, pp. 137-163.

JAPPELLI, T. (2010): “Economic literacy: an international comparison”, The Economic Journal, 120, pp. 429–451.

KAUSTIA, M.; TORSTILA, S. (2011): “Stock market aversion? Political preferences and stock market participation”, Journal of Financial Economics, 100, pp. 98–112.

KHORUNZHINA, N. (2011): Dynamic stock market participation of households. (Working Paper Munich Personal RePec Archive -MPRA-, 35310). Alemania: Biblioteca Universtiraia de Munich.

LAAKSO, E. (2010): Stock market participation and household characteristics in Europe, (Tesina). Finlandia: Aalto University School of Economics. < http://epub.lib.aalto.fi/en/ethesis/pdf/12385/hse_ethesis_12385.pdf >

LOVE, D. A. (2010): “The Effects of Marital Status and Children on Savings and Portfolio Choice”, Review of Financial Studies, Vol. 23; 385-432.

PELLICER-GALLARDO, M. (2005): Education and financial market participation. (Working Paper, 51). Italia: Padova University.

PURI, M.; ROBINSON, D. (2007): “Optimism and economic choice”, Journal of Financial Economics, 86, pp. 71-99.

SERRANO, C.; HOESLI, M. (2009): Housing and its role in the household portfolio in Colombia. (Research Paper, 10-01). Génova: Swiss Finance Institute.

SHILLER, R. J. (1984): “Stock Prices and Social Dynamics”, Brookings Papers on Economic Activity, 2, pp. 457-498.

SPATARO L.; CORSINI L. (2013): Endogenous financial literacy, saving and stock market participation. (Working Paper MPRA, 44342). Alemania: Biblioteca de la Universidad de Munich.

SUNDÉN, A.; SURETTE, B. (1998): “Gender differences in the allocation of assets in retirement savings plans”, American Economic Review, 88, pp. 207-211.

VAN ROOIJ, M.; LUSARDI, A.; ALESSIE, R. (2011): “Financial literacy and stock market participation”, Journal of Financial Economics, 101 (2), pp. 449-472.

VESTMAN, R. (2012): Limited stock market participation among renters and home owners, (Working Paper, 549). Society for Economic Dynamics.

VISSING-JORGENSEN, A. (2004): “Perspectives on behavioral finance: Does irrationality disappear with wealth? Evidence from expectations and actions”, en M. Gertler y K. Rogogg [ed.]: NBER Macroeconomics Annual 2003, pp. 139-194. Estados Unidos: The MIT Press.

YOONG, J. (2010): Financial Illiteracy and Stock Market Participation: Evidence from the RAND American Life Panel, (Working Paper, 2010-29). Pension Research Council.