TY  - UNPD
A1  - Gábor-Tóth, Enikö
A1  - Georgarakos, Dimitris
T1  - Economic policy uncertainty and stock market participation
T2  - [Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 590]
N2  - Does economic policy uncertainty affect household stockholding? To answer this question we create a novel measure of household exposure to economic policy uncertainty news by combining survey information on the hours a household spends in reading newspapers and the frequency of such news in the popular press during a household’s pre-interview period. After controlling for household fixed effects, month-year fixed effects and time-varying cognitive skills, we find that households with a higher exposure to economic policy uncertainty news are less likely to invest in stocks held directly or through mutual funds. This effect is independent from the market volatility index and household (first-moment) expectations about the stock market index.
T3  - CFS working paper series - 590 
KW  - economic policy uncertainty
KW  - household finance
KW  - stockholding
KW  - text analysis
Y1  - 2018
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/43741
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-437410
UR  - https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3006651
IS  - 21 February 2018
PB  - Center for Financial Studies
CY  - Frankfurt, M.
ER  -