Habit persistence in assets demand.
Habit persistence is examined for six asset demand categories using U.S. data and a dynamic forward‐looking model. We find habit persistence is greater for more liquid assets compared to riskier assets and may in part explain low holdings of riskier assets. Cash assets are found to be substitutes wi...
| Publicado en: | Southern Economic Journal Vol. 89; no. 3; pp. 975 - 986 |
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| Autores principales: | , |
| Formato: | Artículo |
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Wiley-Blackwell
Jan2023
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=161525201&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 161525201 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00384038 SEJ jtl: Southern Economic Journal issn: 00384038 maglogo: N pubinfo: dt: Jan2023 vid: 89 iid: 3 pid: 480 pub: Wiley-Blackwell artinfo: ui: 161525201 10.1002/soej.12610 ppf: 975 ppct: 11 formats: fmt: – @attributes: type: T – @attributes: type: P size: 1.1MB tig: atl: Habit persistence in assets demand. aug: au: Fleissig, Adrian R. Swofford, James L. affil: Department of Economics, California State University, Fullerton, Fullerton California,, USA Department of Economics, Finance and Real Estate, University of South Alabama, Mobile Alabama,, USA su: Habit Money market funds Bond funds Portfolio management (Investments) Assets (Accounting) Liquid assets sug: subj: Habit Open-End Investment Funds Money market funds Other Financial Vehicles Portfolio Management Money market funds Bond funds Portfolio management (Investments) Assets (Accounting) Liquid assets keyword: asset demand budget elasticities habit formation short‐run long‐run estimates asset demand budget elasticities habit formation short‐run long‐run estimates ab: Habit persistence is examined for six asset demand categories using U.S. data and a dynamic forward‐looking model. We find habit persistence is greater for more liquid assets compared to riskier assets and may in part explain low holdings of riskier assets. Cash assets are found to be substitutes with other liquid assets under habit formation. Consistent with portfolio analysis, the riskier asset categories of money market mutual funds and bonds are found to be complements in use. The three more risky asset categories have budget elasticities greater than unity indicating that in the long run consumers are more likely to turn to these assets as their wealth increases. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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