Saving and portfolio choice:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Bern ; Stuttgart ; Wien
Haupt
2005
|
| Ausgabe: | 1. Aufl. |
| Schriftenreihe: | Bank- und finanzwirtschaftliche Forschungen
372 |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Literaturverz. S. 143 - 155. - Zugl.: Zürich, Univ., Diss., 2004 |
| Beschreibung: | 155 S. graph. Darst. 23 cm |
| ISBN: | 3258069646 |
Internformat
MARC
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Datensatz im Suchindex
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| adam_text | Contents
1 Introduction 1
2 Saving and Portfolio Theory 9
2.1 Introduction 9
2.2 Models of Consumption and Saving 12
2.2.1 Summary 18
2.3 Models of Portfolio Choice 18
2.3.1 Risk Aversion and the Optimal Share of Risky Assets ... 20
2.3.2 Portfolio Risk and Time Horizon 22
2.3.3 Extending the Model 27
2.3.4 Summary 45
3 Empirical Evidence 51
3.1 Introduction 51
3.2 Saving 52
3.2.1 Aggregate Data 52
3.2.2 Micro Data 53
3.2.3 Facts on Household Saving 54
3.2.4 Summary 58
viii Contents
3.3 Portfolio Choice 58
3.3.1 Aggregate Data 59
3.3.2 Micro Data ®
3.3.3 Facts on Household Portfolios 62
3.3.4 Summary • • • 69
3.4 Conclusions 73
4 Individual Portfolio Choice 75
4.1 Introduction • • • •
4.2 Data • • • 78
4.3 Comparisons with Survey Data ¦ • • 80
4.4 Comparisons with National Accounts • • • 81
4.5 Ownership of Assets and Liabilities • • • 83
4.6 Level and Composition ¦ • • °
4.7 Structure of Individual Portfolios • • • 90
4.7.1 Wealth and the Structure of Individual Portfolios . . . ¦ ¦ • 93
4.7.2 Risk Structure of Individual Portfolios: A Dynamic View . 96
4.7.3 Age and the Structure of Individual Portfolios ....... 100
4.8 Econometric Analysis 103
4.8.1 Holding and Share of Risky Assets ¦ ¦ • 104
4.8.2 Tobit Estimation 1°5
4.8.3 Heckman Selection Model I10
4.9 Summary H
5 Implications for Bank Policy 121
5.1 Introduction 121
5.2 Customer Relationship Management 122
5.2.1 CRM Implementation Scheme I23
5.2.2 The Value Chain in Banking 126
5.3 Product Development 128
5.4 Marketing and Relationship Management 130
5.5 Services and Sales 133
5.6 Summary 135
6 Conclusions 137
7 Bibliography 143
List of Tables
2.1 Standard Additive Model Simulations 17
2.2 Share of Risky Assets predicted by the Model 35
2.3 Portfolio Shares by Financial Net Worth predicted by the Model . 39
2.4 Portfolio Share by Age predicted by the Model 40
2.5 Summary of Theoretical Literature, Static Portfolio Models .... 46
2.6 Summary of Theoretical Literature, Dynamic Portfolio Models . . 47
2.7 Summary of Theoretical Literature, Models incorporating Market
Incompleteness 49
3.1 Saving Rates, Mean and Median Saving by Age 55
3.2 Household Portfolio Components 61
3.3 Summary of Empirical Literature. Age Effect only 70
3.4 Summary of Empirical Literature. Household Characteristics ... 71
3.5 Summary of Empirical Literature. Market Imperfections 72
4.1 Ownership Rates; Survey Data and Bank Data 80
: 4.2 Composition of Individual Portfolios: National Accounts and Bank
: Data 83
! 4.3 Definition of Asset Classes 84
I
x Contents
4.4 Retail Banking versus Private Banking: Ownership of Assets and
Liabilities 85
4.5 Retail Banking versus Private Banking: Average Portfolios 88
4.6 Retail Banking versus Private Banking: Average Portfolios account¬
ing for Mutual Funds 89
4.7 Retail Banking Sample: Diversification of Financial Assets 91
4.8 Private Banking Sample: Diversification of Financial Assets .... 92
4.9 Retail Banking Sample; Ownership and Holdings of Assets and Li¬
abilities by Wealth Quartile and Top 5 Percent 94
4.10 Private Banking Sample; Ownership and Holdings of Assets and
Liabilities by Wealth Quartile and Top 5 Percent 95
4.11 Risk Categories 97
4.12 Retail Banking Sample: Riskiness of Individual Portfolios 98
4.13 Private Banking Sample: Riskiness of Individual Portfolios 99
4.14 Retail Banking Sample: Riskiness of Individual Portfolios and Age 101
4.15 Private Banking Sample: Riskiness of Individual Portfolios and Age 102
4.16 Retail Banking Sample; Models of Risky Financial Assets: Tobit
Estimation 108
4.17 Private Banking Sample; Models of Risky Financial Assets: Tobit
Estimation 109
4.18 Retail Banking Sample; Models of Risky Financial Assets: Heckman
Selection Model 113
4.19 Private Banking Sample; Models of Risky Financial Assets: Heck¬
man Selection Model 116
5.1 Customer Relationship Management 124
5.2 The Value Chain in Banking 128
5.3 Decision Tree of a Banking Client 131
|
| adam_txt |
Contents
1 Introduction 1
2 Saving and Portfolio Theory 9
2.1 Introduction 9
2.2 Models of Consumption and Saving 12
2.2.1 Summary 18
2.3 Models of Portfolio Choice 18
2.3.1 Risk Aversion and the Optimal Share of Risky Assets . 20
2.3.2 Portfolio Risk and Time Horizon 22
2.3.3 Extending the Model 27
2.3.4 Summary 45
3 Empirical Evidence 51
3.1 Introduction 51
3.2 Saving 52
3.2.1 Aggregate Data 52
3.2.2 Micro Data 53
3.2.3 Facts on Household Saving 54
3.2.4 Summary 58
viii Contents
3.3 Portfolio Choice 58
3.3.1 Aggregate Data 59
3.3.2 Micro Data ®
3.3.3 Facts on Household Portfolios 62
3.3.4 Summary • • • 69
3.4 Conclusions 73
4 Individual Portfolio Choice 75
4.1 Introduction • • • "•
4.2 Data • • • 78
4.3 Comparisons with Survey Data ¦ • • 80
4.4 Comparisons with National Accounts • • • 81
4.5 Ownership of Assets and Liabilities • • • 83
4.6 Level and Composition ¦ • • °"
4.7 Structure of Individual Portfolios • • • 90
4.7.1 Wealth and the Structure of Individual Portfolios . . . ¦ ¦ • 93
4.7.2 Risk Structure of Individual Portfolios: A Dynamic View . 96
4.7.3 Age and the Structure of Individual Portfolios . 100
4.8 Econometric Analysis 103
4.8.1 Holding and Share of Risky Assets ¦ ¦ • 104
4.8.2 Tobit Estimation 1°5
4.8.3 Heckman Selection Model I10
4.9 Summary H'
5 Implications for Bank Policy 121
5.1 Introduction 121
5.2 Customer Relationship Management 122
5.2.1 CRM Implementation Scheme I23
5.2.2 The Value Chain in Banking 126
5.3 Product Development 128
5.4 Marketing and Relationship Management 130
5.5 Services and Sales 133
5.6 Summary 135
6 Conclusions 137
7 Bibliography 143
List of Tables
2.1 Standard Additive Model Simulations 17
2.2 Share of Risky Assets predicted by the Model 35
2.3 Portfolio Shares by Financial Net Worth predicted by the Model . 39
2.4 Portfolio Share by Age predicted by the Model 40
2.5 Summary of Theoretical Literature, Static Portfolio Models . 46
2.6 Summary of Theoretical Literature, Dynamic Portfolio Models . . 47
2.7 Summary of Theoretical Literature, Models incorporating Market
Incompleteness 49
3.1 Saving Rates, Mean and Median Saving by Age 55
3.2 Household Portfolio Components 61
3.3 Summary of Empirical Literature. Age Effect only 70
3.4 Summary of Empirical Literature. Household Characteristics . 71
3.5 Summary of Empirical Literature. Market Imperfections 72
4.1 Ownership Rates; Survey Data and Bank Data 80
: 4.2 Composition of Individual Portfolios: National Accounts and Bank
: Data 83
! 4.3 Definition of Asset Classes 84
I
x Contents
4.4 Retail Banking versus Private Banking: Ownership of Assets and
Liabilities 85
4.5 Retail Banking versus Private Banking: Average Portfolios 88
4.6 Retail Banking versus Private Banking: Average Portfolios account¬
ing for Mutual Funds 89
4.7 Retail Banking Sample: Diversification of Financial Assets 91
4.8 Private Banking Sample: Diversification of Financial Assets . 92
4.9 Retail Banking Sample; Ownership and Holdings of Assets and Li¬
abilities by Wealth Quartile and Top 5 Percent 94
4.10 Private Banking Sample; Ownership and Holdings of Assets and
Liabilities by Wealth Quartile and Top 5 Percent 95
4.11 Risk Categories 97
4.12 Retail Banking Sample: Riskiness of Individual Portfolios 98
4.13 Private Banking Sample: Riskiness of Individual Portfolios 99
4.14 Retail Banking Sample: Riskiness of Individual Portfolios and Age 101
4.15 Private Banking Sample: Riskiness of Individual Portfolios and Age 102
4.16 Retail Banking Sample; Models of Risky Financial Assets: Tobit
Estimation 108
4.17 Private Banking Sample; Models of Risky Financial Assets: Tobit
Estimation 109
4.18 Retail Banking Sample; Models of Risky Financial Assets: Heckman
Selection Model 113
4.19 Private Banking Sample; Models of Risky Financial Assets: Heck¬
man Selection Model 116
5.1 Customer Relationship Management 124
5.2 The Value Chain in Banking 128
5.3 Decision Tree of a Banking Client 131 |
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| author | Zilkens, Niels 1974- |
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| discipline_str_mv | Wirtschaftswissenschaften |
| edition | 1. Aufl. |
| format | Book |
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| genre | (DE-588)4113937-9 Hochschulschrift gnd-content |
| genre_facet | Hochschulschrift |
| id | DE-604.BV023380387 |
| illustrated | Illustrated |
| index_date | 2024-07-02T21:16:09Z |
| indexdate | 2024-07-09T21:17:18Z |
| institution | BVB |
| isbn | 3258069646 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016563499 |
| oclc_num | 76136337 |
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| owner_facet | DE-703 |
| physical | 155 S. graph. Darst. 23 cm |
| publishDate | 2005 |
| publishDateSearch | 2005 |
| publishDateSort | 2005 |
| publisher | Haupt |
| record_format | marc |
| series | Bank- und finanzwirtschaftliche Forschungen |
| series2 | Bank- und finanzwirtschaftliche Forschungen |
| spelling | Zilkens, Niels 1974- Verfasser (DE-588)130379638 aut Saving and portfolio choice Niels Zilkens 1. Aufl. Bern ; Stuttgart ; Wien Haupt 2005 155 S. graph. Darst. 23 cm txt rdacontent n rdamedia nc rdacarrier Bank- und finanzwirtschaftliche Forschungen 372 Literaturverz. S. 143 - 155. - Zugl.: Zürich, Univ., Diss., 2004 Privater Anleger (DE-588)4389910-9 gnd rswk-swf Anlageverhalten (DE-588)4214003-1 gnd rswk-swf Portfolio Selection (DE-588)4046834-3 gnd rswk-swf Risikomanagement (DE-588)4121590-4 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Portfolio Selection (DE-588)4046834-3 s Risikomanagement (DE-588)4121590-4 s Anlageverhalten (DE-588)4214003-1 s Privater Anleger (DE-588)4389910-9 s DE-604 Bank- und finanzwirtschaftliche Forschungen 372 (DE-604)BV023546687 372 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016563499&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Zilkens, Niels 1974- Saving and portfolio choice Bank- und finanzwirtschaftliche Forschungen Privater Anleger (DE-588)4389910-9 gnd Anlageverhalten (DE-588)4214003-1 gnd Portfolio Selection (DE-588)4046834-3 gnd Risikomanagement (DE-588)4121590-4 gnd |
| subject_GND | (DE-588)4389910-9 (DE-588)4214003-1 (DE-588)4046834-3 (DE-588)4121590-4 (DE-588)4113937-9 |
| title | Saving and portfolio choice |
| title_auth | Saving and portfolio choice |
| title_exact_search | Saving and portfolio choice |
| title_exact_search_txtP | Saving and portfolio choice |
| title_full | Saving and portfolio choice Niels Zilkens |
| title_fullStr | Saving and portfolio choice Niels Zilkens |
| title_full_unstemmed | Saving and portfolio choice Niels Zilkens |
| title_short | Saving and portfolio choice |
| title_sort | saving and portfolio choice |
| topic | Privater Anleger (DE-588)4389910-9 gnd Anlageverhalten (DE-588)4214003-1 gnd Portfolio Selection (DE-588)4046834-3 gnd Risikomanagement (DE-588)4121590-4 gnd |
| topic_facet | Privater Anleger Anlageverhalten Portfolio Selection Risikomanagement Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016563499&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV023546687 |
| work_keys_str_mv | AT zilkensniels savingandportfoliochoice |