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Aging and Household Stockholdings: Evidence from Japanese Household Survey Data

  • Hiroshi Fujiki

    (Associate Director-General and Senior Economist, Institute for Monetary and Economic Studies, Bank of Japan (E-mail: hiroshi.fujiki@boj.or.jp))

  • Naohisa Hirakata

    (Director and Senior Economist, Institute for Monetary and Economic Studies, Bank of Japan (E-mail: naohisa.hirakata@boj.or.jp))

  • Etsuro Shioji

    (Professor, Graduate School of Economics, Hitotsubashi University (E-mail: shioji@econ.hit-u.ac.jp))

Using Japanese household survey data from 2007 to 2010, we examine how household age, income, financial assets, and education affect the tendency to participate in the stock market. Our analysis suggests that the probability of stock market participation correlates weakly with age, holding constant other household characteristics, including the preference toward online financial transactions. The share of stocks in total household financial assets correlates positively with age, holding constant the other variables listed above. Our results suggest that older households tend to have more stocks than younger households, but this is mainly because older households have more financial assets on average than younger households: the effects of age per se are statistically significant but small in size.

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File URL: http://www.imes.boj.or.jp/research/papers/english/12-E-17.pdf
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Paper provided by Institute for Monetary and Economic Studies, Bank of Japan in its series IMES Discussion Paper Series with number 12-E-17.

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Date of creation: Nov 2012
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Handle: RePEc:ime:imedps:12-e-17
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  1. Bodie, Zvi & Merton, Robert C. & Samuelson, William F., 1992. "Labor supply flexibility and portfolio choice in a life cycle model," Journal of Economic Dynamics and Control, Elsevier, vol. 16(3-4), pages 427-449.
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  3. John Heaton & Deborah Lucas, 2000. "Portfolio Choice and Asset Prices: The Importance of Entrepreneurial Risk," Journal of Finance, American Finance Association, vol. 55(3), pages 1163-1198, 06.
  4. Zheng Liu & Mark M. Spiegel, 2011. "Boomer retirement: headwinds for U.S. equity markets?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue aug22.
  5. Hiroshi Fujiki & Etsuro Shioji, 2006. "Bank Health Concerns, Low Interest Rates, and Money Demand: Evidence from the Public Opinion Survey on Household Financial Assets and Liabilities," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 24(2), pages 73-124, November.
  6. Shum, Pauline & Faig, Miquel, 2006. "What explains household stock holdings?," Journal of Banking & Finance, Elsevier, vol. 30(9), pages 2579-2597, September.
  7. Campbell, John Y. & Viceira, Luis M., 2002. "Strategic Asset Allocation: Portfolio Choice for Long-Term Investors," OUP Catalogue, Oxford University Press, number 9780198296942, March.
  8. Yukinobu Kitamura & Taisuke Uchino, 2010. "The Effect of Academic Background on Household Portfolio Selection: Evidence from Japanese Repeated Cross Section Data," Global COE Hi-Stat Discussion Paper Series gd10-149, Institute of Economic Research, Hitotsubashi University.
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