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Saving Accounts versus Stocks and Bonds in Household Portfolio Allocation

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  • Stefan Hochguertel
  • Rob Alessie
  • Arthur Van Soest

Abstract

We study the structure of household portfolios of financial wealth by analyzing both the determinants of total financial wealth and the choice between risky (stocks and bonds) and riskfree assets (saving accounts). The econometric specification is a generalized trivariate Tobit model, estimated on a cross section of 3,077 households in the Netherlands in 1988. We account for endogeneity of financial wealth and for selectivity due to nonreporting. Results show that the level of financial wealth and the marginal tax rate are major determinants of the allocation between riskfree and risky assets.

Suggested Citation

  • Stefan Hochguertel & Rob Alessie & Arthur Van Soest, 1997. "Saving Accounts versus Stocks and Bonds in Household Portfolio Allocation," Scandinavian Journal of Economics, Wiley Blackwell, vol. 99(1), pages 81-97, March.
    • Handle: RePEc:bla:scandj:v:99:y:1997:i:1:p:81-97
    DOI: 10.1111/1467-9442.00049
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