Determinants of Family Bond And Stock Holdings
نویسندگان
چکیده
This study examined characteristics of individual bond and stock holders, using data from the 1989 Survey of Consumer Finances. The results of the tobit models showed bonds and stocks are more likely to be held by families with adequate financial resources to maintain daily lives and enough funds to meet short term financial needs. Households having a financial planning horizon of ten years or more higher amounts of bonds and of stocks. Reporting a saving motive of "growth" was associated with higher stock holdings, but reporting a saving motive of "retirement" was not associated with higher bond or stock holdings. Controlling for income and other variables, stock and bond holdings increased with education and were higher for whites than for nonwhites.
منابع مشابه
The Effect of Deviation from Optimal Cash Level on Adverse Selection and Moral Hazard in Firms Listed on Tehran Stock Exchange
This study aims to investigate the impact of deviation from optimal level of cash holdings on adverse selection and moral hazard problems. The data set includes 106 listed firms of Tehran Stock Exchange during the period of 2005-2016 and both panel data and cross-sectional data multivariate regressions were utilized in different stage of analysis to test the hypotheses. According to the optimal...
متن کاملTiming Ability of Government Bond Fund Managers: Evidence from Portfolio Holdings
This paper examines the ability of government bond fund managers to time the market, based on their holdings of Treasury securities during the period 1997-2006. We find that, on average, government bond fund managers exhibit significant and positive timing ability at the one-month horizon, under a holdings-based timing measure. In particular, fund managers specializing in Treasury securities ar...
متن کاملDeveloping revised Fama-French Five-Factor models by including dividend rate, cash holdings, and Free cash flow to equity: evidence of Tehran stock exchange
Prediction of stock returns has always been one of the most important issues in finance. Investors have attracted to use of Fama-French Five-Factor Model (FFFFM) as one of the powerful methods for pricing financial assets and predicting the stock returns. This research investigates the predictability of stock returns by including some important firms features namely cash holdings, dividend rate...
متن کاملInflation , Money Demand and Portfolio Choice ∗
We introduce a money demand motive in a life-cycle portfolio choice model and estimate the structural parameters that can generate limited stock market participation and plausible holdings of money, bonds and stocks. The model predicts an increase in bond holdings over the life cycle, and a declining share of money in portfolios as wealth increases. Both predictions are consistent with the data...
متن کاملValuing Corporate Debt: the Effect of Cross-holdings of Stock and Debt
We have developed a simple approach to valuing risky corporate debt when corporations own securities issued by other corporations. We assume that corporate debt can be valued as an option on corporate business asset value, and derive payoff functions when there exist cross-holdings of stock or debt between two firms. Next we show that payoff functions with multiple cross-holdings can be solved ...
متن کامل