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dc.contributor.authorEl-Attar, Mayssunen
dc.contributor.authorPoschke, Markusen
dc.date.accessioned2011-06-21-
dc.date.accessioned2011-06-28T13:55:00Z-
dc.date.available2011-06-28T13:55:00Z-
dc.date.issued2010-
dc.identifier.urihttp://hdl.handle.net/10419/46085-
dc.description.abstractTrusting behavior has been shown to affect households' portfolio choice between risky and risk-free financial assets. We extend the analysis of the effect of trust on portfolio choice to include the dominant component of households' portfolios, real estate. In a simple model, we show how the effect of trust on expected investment returns affects portfolio composition, including the share of real estate. Using data from the European Social Survey, we estimate individual-level trust as an unobserved attitude using survey questions on personal attitudes by applying a hierarchical item response model. Combining these estimates with data on Spanish households' financial decisions from the Survey of Household Finances (EFF) conducted by the Bank of Spain, we show that households with less trust invest more in housing and less in financial assets, in particular risky ones. Trust thus may drive not only (limited) stock market participation, but financial development more generally.en
dc.language.isoengen
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonnen
dc.relation.ispartofseries|aIZA Discussion Papers |x5246en
dc.subject.jelD1en
dc.subject.jelD8en
dc.subject.jelZ1en
dc.subject.ddc330en
dc.subject.keywordhousingen
dc.subject.keywordtrusten
dc.subject.keywordportfolio choiceen
dc.subject.keyworditem response modelsen
dc.titleTrust and the choice between housing and financial assets: Evidence from Spanish households-
dc.typeWorking Paperen
dc.identifier.ppn662517695en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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