Abstract

http://ssrn.com/abstract=1107870
 
 

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Market Participation and Dividend Clienteles


Marco Rossi


Texas A&M; University of Notre Dame - Department of Finance

March 18, 2013

AFA 2009 San Francisco Meetings Paper

Abstract:     
Asset allocation and market participation are intimately related investment decisions. Studies of dividend clienteles attribute the positive relation between age and dividends partially to lack of self-control, but consumers with self-control problems are precisely those less likely to hold securities. Using data from the Consumer Expenditure Survey (CEX), I model market participation and dividend preferences jointly and find evidence of self-selection bias in traditional regressions linking dividend preferences to investors' demographics. Moreover, the positive relation between dividends and age is more likely due to life-cycle considerations rather than to lack of self-control.

Number of Pages in PDF File: 28

Keywords: market participation, dividend clienteles, self-control, CEX

JEL Classification: G10, G19

working papers series


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Date posted: March 25, 2008 ; Last revised: March 20, 2013

Suggested Citation

Rossi, Marco, Market Participation and Dividend Clienteles (March 18, 2013). AFA 2009 San Francisco Meetings Paper. Available at SSRN: http://ssrn.com/abstract=1107870 or http://dx.doi.org/10.2139/ssrn.1107870

Contact Information

Marco Rossi (Contact Author)
Texas A&M ( email )
430 Wehner
College Station, TX 77843-4218
United States
University of Notre Dame - Department of Finance ( email )
P.O. Box 399
Notre Dame, IN 46556-0399
United States
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