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 - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

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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: financial literacy; information acquisition; stockholding puzzle (search for similar items in EconPapers)
Date: 2015-07
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Citations: View citations in EconPapers (7)

Published in Applied Economics Letters, 2015, 22 (16), pp.1315-1319. ⟨10.1080/13504851.2015.1026578⟩

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Journal Article: Stockholding in France: the role of financial literacy and information (2015)
Working Paper: Stockholding in France: the role of financial literacy and information (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01203090

DOI: 10.1080/13504851.2015.1026578

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