The gender effect in risky asset holdings

Halko, Marja‐Liisa; Kaustia, Markku; Alanko, Elias

doi:10.1016/j.jebo.2011.06.011

Cited by 165 publications

(94 citation statements)

References 34 publications

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“…Our research is closely related to studies on the determinants of stock market participation among women and men, including research on the role of gender-specific financial literacy in this decision (Lusardi and Mitchell, 2014;Lusardi, 2014;Dwyer, Gilkeson, and List, 2002;van Rooij, Lusardi, and Alessie, 2011;Halko, Kaustia, and Alanko, 2012;Almenberg and Dreber, 2015;Ashok and Spataro, 2015). Furthermore, our analysis is linked to the very few studies covering European households that analyze a potentially differential effect of marital status on women's and men's propensity to invest in stocks (Bertocchi, Brunetti, and Torricelli, 2011;Christiansen, Joensen Schrøter, and Rangvid, 2010).…”

Section: Literature Reviewmentioning

confidence: 99%

Gender role asymmetry and stock market participation – evidence from four European household surveys

Barasinska

Schäfer

2017

The European Journal of Finance

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may AbstractThis study investigates the importance of social norms for shaping women's and men's decision to participate in the stock market, aiming to disentangle the different channels playing a role in this decision. Gender role asymmetry is indicated by the country's rank in the gender equality index of the World Economic Forum. Using data from four national household surveys, we find that in Italy -the country with highly asymmetric gender role prescriptions -women's risk-taking behavior responds to this non-supportive environment. Consistent with the theory of social identity, Italian women refrain from stock market participation more than their self-reported risk tolerance levels would suggest. In contrast, in the three countries with a lower asymmetry in gender role prescriptions, no exaggerated female backing off from investing in stocks is observable. The result is robust to separately analyzing sub-samples of singles and couples. However, women who self-select into stock market participation invest the same portfolio share in stocks as do their male peers -independent of the society's degree of gender role divergence.

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Section: Literature Reviewmentioning

confidence: 99%

Gender role asymmetry and stock market participation – evidence from four European household surveys

Barasinska

Schäfer

2017

The European Journal of Finance

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“…Ekelund et al (2005) used fear of uncertainty as a proxy for risk aversion when looking at the decision to be self-employed. Fear of uncertainty measures more the domain of general risk taking as opposed to financial risk taking, but prior works have shown general risk taking to be a good predictor of stock market investing (Halko et al (2012); Dohmen et al (2011)). …”

Section: Introductionmentioning

confidence: 99%

Personality traits and stock market participation

Conlin

Kyröläinen

Kaakinen

et al. 2015

Journal of Empirical Finance

113

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Abstract:We analyze the relationship between personality traits and stock market participation. Our sample comes from combining personality trait scores and socioeconomic status information from the Northern Finland Birth Cohort 1966 with data from Finnish Central Securities Depository, the official register of stock holdings in Finland. We find the traits, and especially the subscales of the traits, to be significant predictors of stock market participation. In particular, exploratory excitability, extravagance, sentimentality, and dependence have large effects. One-standard-deviation changes in the subscale scores have marginal effects of up to 4 percentage points on the probability of participating in the stock market.

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“…Reasonating with the classical finance paradigm, many research has focused on the demographic or socio-economic factors in explaining the financial behavior (e.g., Bajtelsmit & Bernasek, 1996;Grable & Lytton, 1998;Powel & Ansic, 1997;Dwyer et al, 2002;Hallahan et al, 2004;Grable & Joo, 2004;Jianakoplos & Bernasek, 2006;Selcuk et al, 2010;Lutfi, 2010;Adhikari & O'leary, 2011;Ansong & Gyensare, 2012;Charness & Gneezy, 2012;Halko et al, 2012;Gong & Yang, 2012;Lai & Tam, 2012;Kamas & Preston, 2012;Larkin et al, 2013;Duasa & Yusof, 2013). In ceteris paribus conditions (i.e., everyone is rationale and the sum of the deviations from rational behavior is zero, the probabilities are stochastic), this focus has been reasonable.…”

Section: Introductionmentioning

confidence: 99%

The Moderation of Financial Literacy on the Relationship Between Individual Factors and Risky Investment Intention

Aren¹,

Aydemir²

2015

IBR

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In this paper, the authors aim to manifest the effects of individual factors such as risk averseness in general, locus of control on risky investment intention. At the same time, this study intends to examine whether financial literacy moderates the relationship between risk averseness in general, locus of control and risky investment intention. The data set comprised of 112 participants through survey method. We fulfilled hierarchical regression in order to examine the hypothesized relationships. Accordingly, results showed that risk averseness in general had a significant and negative impact on risky investment behavior. Yet, this study provided no evidence of locus of control as a factor in predicting risky investment intention. Last but not least, it was found that financial literacy moderated these relationships. In other words, financial literacy changed the relationship between risk averseness in general, locus of control and risky investment intention.

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The gender effect in risky asset holdings

Cited by 165 publications

References 34 publications

Gender role asymmetry and stock market participation – evidence from four European household surveys

Gender role asymmetry and stock market participation – evidence from four European household surveys

Personality traits and stock market participation

The Moderation of Financial Literacy on the Relationship Between Individual Factors and Risky Investment Intention

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