Stockholding: Does housing wealth matter?

The existence of an equity premium puzzle has been largely emphasized in the empirical literature: one observes low risky assets holding that the standard portfolio choice model (with expected and discounting utility and homothetic preferences) is not able to explain. Besides modifications of rationality assumptions, other changes have been introduced in the standard framework to account for this equity premium puzzle: the existence of transaction costs, liquidity constraints or other risks (e.g. risks associated with employment, income, health,). These background risks (i.e. risks that are unavoidable, exogenous and independent from the financial market risk) may lead households to reduce their stockownership in order to limit their global exposure to risk. Recent developments examine the role of housing on stockholding as another background risk. This paper analyses the empirical link between stockholding and housing wealth within this framework. We use the French wealth survey (Enquête Patrimoine 2004, Insee) that gives us detailed information on households portfolio, socio-demographic variables, and several measures of preference and exposition to various risks (income, unemployment, health, and business). We find that an increase in the housing to net wealth ratio crowds out stock market investment for a given total financial wealth: when facing real estate exposure to risk, households tend to moderate their global exposure to risk by limiting the share of their financial wealth invested in stocks. Among the other significant determinants of the equity premium puzzle, we emphasize the role of transaction and information costs, the attitude toward risk and the exposition to various risks in hampering investments in stocks.Portfolio choice , background risks , housing demand , life-cycle model.

Wealth Effects on Consumption Plans: French Households in the Crisis

This paper analyzes the wealth effect on consumption in France by relying on two original household surveys. First, it provides the first estimate of the marginal propensity to consume out of wealth based on micro data for France (Enquête Patrimoine 2009, Insee): a low but significant wealth effect is obtained and financial wealth seems to be significant only for stockholders. Second, it studies how French households have adapted their consumption plans during the 2008-2009 crisis by relying on household self-assessed changes in future consumption (survey PATER). Besides the direct wealth effect, our results confirm the role played by changes in expectations on consumption plans, and thus, by the confidence channel as an additional transmission mechanism of the crisis.wealth effect, housing and financial wealth, consumption, household survey, expectations.

Épargne et choix de portefeuille des ménages : approches micro et macroéconomiques.

Les comportements d’épargne et d’allocation d’actifs des ménages sont des éléments clés pour le financement de l’économie. La récente crise financière et plus structurellement le vieillissement des populations conduisent les banques centrales, le régulateur et les acteurs des marchés à développer les politiques d’éducation financière du public.Choix de portefeuille, épargne, immobilier, retraites.

Les comportements patrimoniaux des ménages en France : évolutions et déterminants entre 2004 et 2010.

À la lumière des informations issues des enquêtes Patrimoine 2004 et 2010 de l’INSEE et des évaluations des comptes nationaux financiers établis par la Banque de France, l’article propose une première analyse des ajustements patrimoniaux des ménages français depuis 2007.épargne, ménages, portefeuilles, immobilier, risques.

New Insight into Li+Dynamics in Lithium Bimetal Phosphate

Substitution of iron by other transition metals within the remarkably stable olivine framework is of interest considering the expected gain in energy density. However, manganese rich olivine materials suffer from sluggish redox kinetics, leading to electrochemical performances at high current densities which are below expectations. The source of the kinetic limitations is not clear, with multiple processes having been proposed, including low bulk electronic conductivity, structural instability of Mn3+ and a phase transition mechanism. This study employed 7Li MAS NMR relaxation techniques to indirectly probe Li+ dynamics using various stoichiometry of chemically prepared Li x MnyFe1-yPO4 (0 ≤ (x, y) ≤ 1). Focusing on the particle level, the aim was to understand how the different crystal phases, alongside the Mn structural contribution, influence Li+ transport at each stage of the oxidation process. Significantly, the formation of an olivine solid solution with vacancies within this progression gave rise to a faster 7Li transverse relaxation derived from superior Li+ motion

Androgen signaling negatively controls group 2 innate lymphoid cells

Prevalence of asthma is higher in women than in men, but the mechanisms underlying this sex bias are unknown. Group 2 innate lymphoid cells (ILC2s) are key regulators of type 2 inflammatory responses. Here, we show that ILC2 development is greatly influenced by male sex hormones. Male mice have reduced numbers of ILC2 progenitors (ILC2Ps) and mature ILC2s in peripheral tissues compared with females. In consequence, males exhibit reduced susceptibility to allergic airway inflammation in response to environmental allergens and less severe IL-33-driven lung inflammation, correlating with an impaired expansion of lung ILC2s. Importantly, orchiectomy, but not ovariectomy, abolishes the sex differences in ILC2 development and restores IL-33-mediated lung inflammation. ILC2Ps express the androgen receptor (AR), and AR signaling inhibits their differentiation into mature ILC2s. Finally, we show that hematopoietic AR expression limits IL-33-driven lung inflammation through a cell-intrinsic inhibition of ILC2 expansion. Thus, androgens play a crucial protective role in type 2 airway inflammation by negatively regulating ILC2 homeostasis, thereby limiting their capacity to expand locally in response to IL-33.PMC546100

Pain shared, pain halved? Cooperation as a coping strategy for innovation barriers

The paper analyses the relationship between the perception of barriers to innovation and the firm’s propensity to cooperate to mitigate their effect. First, we look at whether cooperation with research organizations or private firms is associated with experiencing different types of barriers, for example, financial constraints, lack of human capital or uncertain market demand. Second, we test whether experiencing several types of barriers simultaneously has a super-modular effect on the propensity to cooperate tout court, and the choice of cooperation partner. We find that having to face a single, specific constraint leads to firms ‘sharing the pain’ with cooperation partners—both research organization and other firms. However, the results of a super-modularity test show that having to cope with different barriers is a deterrent to establishing cooperation agreements, especially when firms lack finance, adequate skills and information on technology or markets. The paper adds to the innovation literature by identifying the factors associated with firms’ coping with different barriers by applying a selective cooperation strategy