Graduate Thesis Or Dissertation
 

Effects of selected family characteristics on interrelated components of household asset portfolios

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https://ir.library.oregonstate.edu/concern/graduate_thesis_or_dissertations/gm80hz46j

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  • The effects of selected family characteristics on interrelated components of household asset portfolios over a three-year time period were investigated. Specifically, this study attempted to conceptually define mental accounts, to identify own-adjustment and cross-adjustment characteristics of these mental accounts, to explore influences of selected family characteristics on these mental accounts, and to examine substantial effects of income on family portfolio behavior. Based on the behavioral life-cycle hypothesis, consumer demand theory, household production theory, and the stock adjustment hypothesis, a family portfolio behavior model was formulated for studying family saving behavior as reflected in household asset portfolios. A tobit model was utilized to estimate own- and cross-adjustment coefficients of the portfolio components, and short-term and equilibrium effects of family characteristics. The data were from the Survey of Consumer Finances conducted in 1983 and 1986. Findings strongly support the mental account hierarchy hypothesis which was reflected in the own- and cross-adjustment coefficients estimated. In addition, family income and education of the household head showed positive influences on various mental accounts. Age of the household head, employment status, family life cycle stage, house mortgage, home value, other assets, and other debts showed effects on some mental accounts. Income had a substantial influence on family portfolio behavior. The behavior of middle-income families was more consistent with the hypothesis of a mental account hierarchy than the other income groups, which implies diverse preferences for asset characteristics and varying financial needs of families at different income levels. This study has contributed to the body of knowledge of family saving behavior and increased the understanding of adaptivity and dynamics of family saving behavior. The research findings could be utilized by family finance educators and consultants, financial service marketers, and public policy makers in working successfully with different family types, marketing various financial instruments, and designing effective savings policies. In addition, this study has provided empirical evidence to assess existing theoretical models and to inspire the building of new theories.
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