| 1. |
- Barasinska, Nataliya, et al.
(författare)
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Gender role asymmetry and stock market participation – evidence from four European household surveys
- 2018
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Ingår i: European Journal of Finance. - : Routledge. - 1351-847X .- 1466-4364. ; 24:12, s. 1026-1046
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Tidskriftsartikel (refereegranskat)abstract
- This study investigates the importance of social norms for shaping women's and men's decision to participate in the stock market, aiming to disentangle the different channels playing a role in this decision. Gender role asymmetry is indicated by the country's rank in the gender equality index of the World Economic Forum. Using data from four national household surveys, we find that in Italy – the country with highly asymmetric gender role prescriptions – women's risk-taking behavior responds to this non-supportive environment. Consistent with the theory of social identity, Italian women refrain from stock market participation more than their self-reported risk tolerance levels would suggest. In contrast, in the three countries with a lower asymmetry in gender role prescriptions, no exaggerated female backing off from investing in stocks is observable. The result is robust to separately analyzing sub-samples of singles and couples. However, women who self-select into stock market participation invest the same portfolio share in stocks as do their male peers – independent of the society's degree of gender role divergence.
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| 2. |
- Badunenko, Oleg, et al.
(författare)
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Investments : women are more cautious than men because they have less financial resources at their disposal
- 2010
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Ingår i: DIW Berlin, Weekly Report. - 1860-3343. ; 6:1, s. 1-4
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Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)abstract
- Experts on investments and financial products assume that women are less amenable to risks and therefore put their money into secure investment products. A current study conducted by the DIW Berlin (German Institute for Economic Research) challenges this view. The study demonstrates that men and women are equally likely to take a chance on risky investments – assuming that they have the same financial resources at their disposal. A general cliché may not longer be true: that sex is a determinant factor in investment decisions and that the difference in attitudes toward investment between men and women is a result of gender-based investment attitudes. Women are likely to have cautious investment habits because – as a rule – they have only half the investment resources available that men have at their disposal.
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| 3. |
- Barasinska, Nataliya, et al.
(författare)
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Do Internet Credit Markets Improve Access to Credit for Female Business Owners
- 2010
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Ingår i: Weekly Report. ; 6:29, s. 215-220
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Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)abstract
- Business owners and founders are a minority of any bank’s business clients. Scientific studies of traditional credit markets often show a lower probability of loan approval or higher loan costs for female business owners compared to male business owners. With this background the question arises whether female business owners have to struggle with this problem less on Internet credit markets. In this current study, DIW Berlin investigated business loans on the largest German Internet platform, smava. smava connects private individuals who wish to take on installment loan at a fixed interest rate or wish to lend money. The findings show that female borrowers are positioned at least as well as their male counterparts on smava. If all other loan and borrower-specific characteristics remain the same, then the loan requests of female business owners have even better prospects for success than loan requests from men. There are indications that this result is not platform-specific, but also applies to other innovative credit markets.
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| 4. |
- Barasinska, Nataliya, et al.
(författare)
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Financial Risk Aversion and Household Asset Diversification
- 2008
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- This paper explores the relationship between risk attitude and asset diversification in household portfolios. We first examine the impact of manifested risk aversion on the total number of distinct assets held in a portfolio (naive diversification). The second part of the paper focuses on a more sophisticated strategy of diversification and asks whether financial theory is compatible with observed diversification patterns. Based on the German Socioeconomic Panel which provides unique measures of individual propensity for taking risk, the results of the regression analysis show that, along with some socioeconomic characteristics, the propensity for taking investment risk is an important predictor of a household's diversification strategy. However, some of our findings are strongly at odds with what the concept of mean-variance utility suggests.
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| 5. |
- Barasinska, Nataliya, et al.
(författare)
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Hohe Risikoaversion privater Haushalte bei Geldanlagen
- 2008
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Ingår i: Wochenbericht. - Berlin : DIW Berlin. - 0012-1304. ; 75:45, s. 704-710
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Tidskriftsartikel (refereegranskat)abstract
- Eine möglichst breite Streuung der Geldanlagengilt als eine wichtige Strategie der Risikominimierungbei Investitionsentscheidungen. Die Mehrzahlder Haushalte in Deutschland streut auch ihrGeldvermögen über mehrere Anlageformen. IhrAnlageverhalten stimmt jedoch nur bedingt mitder von Haushaltsvorständen bekundeten Risikobereitschaftüberein. Dies zeigt eine aktuelle empirischeStudie auf Basis des Sozio-oekonomischenPanels (SOEP). So steigt zwar die Wahrscheinlichkeit,seine Anlagen zu streuen tendenziell mit derRisikoaversion an, allerdings nur solange es sichnicht um einen „vollständig gestreuten Anlagekorb“handelt. Die Neigung, ein Portfolio mit allenAnlageformen zu halten, nimmt mit wachsenderScheu vor dem Risiko ab. Offenbar entscheidenHaushaltsvorstände nach dem bereits von Keynespropagierten Prinzip: Sicherheit und Liquiditätkommen zuerst. Die Bereitschaft in riskantere Anlagenzu investieren, steigt mit der Anzahl bereitsbestehender sicherer Anlagen im Portfolio.
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| 6. |
- Barasinska, Nataliya, et al.
(författare)
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Individual risk attitudes and the composition of financial portfolios : Evidence from German household portfolios
- 2012
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Ingår i: Quarterly Review of Economics and Finance. - : Elsevier. - 1062-9769 .- 1878-4259. ; 52:1, s. 1-14
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Tidskriftsartikel (refereegranskat)abstract
- This paper explores the relationship between the self-declared risk aversion of private investors and theirpropensity to hold incomplete portfolios of financial assets. The analysis is based on household surveydata from the German Socioeconomic Panel (SOEP) that provides a reliable measure of individual attitudestoward financial risk. Our findings suggest that more risk averse households tend to hold incompleteportfolios consisting mainly of a few risk-free assets. We also find that the propensity to acquire additionalassets is highly dependent on whether liquidity and safety needs are met.
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| 7. |
- Barasinska, Nataliya, et al.
(författare)
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Is Crowdfunding Different? Evidence on the Relation between Gender and Funding Success from a German Peer-to-Peer Lending Platform
- 2014
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Ingår i: The German Economic Review. - : Walter de Gruyter GmbH. - 1465-6485 .- 1468-0475. ; 15:4, s. 436-452
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Tidskriftsartikel (refereegranskat)abstract
- According to the literature on traditional banking, lenders often discriminate against female borrowers. However, studies of Peer-to-Peer lending in the United States find that female borrowers have better chances of obtaining funds than do males. We provide evidence on the success of female borrowers at a large German peer-to-peer lending platform. Our results show that there is no effect of gender on the individual borrower's chance to receive funds on this platform, ceteris paribus. Several robustness checks confirm this finding. Hence, female discrimination seems to be eased by the wisdom of the lending crowd'.
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| 8. |
- Barasinska, Nataliya, et al.
(författare)
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Is the Willingness to Take Financial Risk a Sex-Linked Trait? : Evidence from National Surveys of Household Finance
- 2013
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- We investigate whether the willingness to take investment risk is a sex-linked trait and link the results to the country’s gender equality regime. Our empirical analysis involves household data on financial asset holdings as well as on self-reported risk tolerance for Austria, Italy, the Netherlands and Spain. Of those countries, Italy is by far the country with the greatest degree of gender inequality according to the 2009 Global Gender Gap Report. Two stages of building a portfolio of financial assets are analyzed. For the first-stage decision of whether to invest in risky assets in the first place, gender is found to have no effect in Austria, the Netherlands and Spain but does have an impact in Italy. However, even for Italy, it seems to be irrelevant in the second-stage decision about the share of wealth invested in the risky assets. We infer from these findings that, for countries with a high degree of gender equality, it is inappropriate to base financial advice primarily on gender.
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| 9. |
- Barasinska, Nataliya, et al.
(författare)
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Private Households Display Strong Aversion to Investment Risk
- 2009
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Ingår i: DIW Berlin Weekly Report. - : German Institute for Economic Research. - 1860-3343. ; 5:2, s. 13-18
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Tidskriftsartikel (refereegranskat)abstract
- The broadest possible diversification of investments is considered an important strategy for minimizing investment risk. Most households in Germany do distribute their financial assets over several types of investment. However, investment behavior is only partially consistent with the overall readiness for risk-taking reported by heads of households. This is demonstrated by a current empirical study based on data from the Socio-Economic Panel Study (SOEP). The probability of diversification does tend to rise according to the degree of risk aversion, yet not when it comes to a ""fully diversified investment basket."" With a higher fear of risk, the tendency to fill a portfolio with every kind of investment falls. Clearly, households make decisions in keeping with a principle propagated by Keynes: security and liquidity come first. The readiness to invest in riskier assets rises with the number of secure investments already in place in the portfolio.
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