TY  - UNPD
A1  - Christelis, Dimitris
A1  - Georgarakos, Dimitris
A1  - Haliassos, Michael
T1  - Stockholding: from participation to location and to participation spillovers
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2009,02
N2  - This paper provides a joint analysis of household stockholding participation, stock location among stockholding modes, and participation spillovers, using data from the US Survey of Consumer Finances. Our multivariate choice model matches observed participation rates, conditional and unconditional, and asset location patterns. Financial education and sophistication strongly affect direct stockholding and mutual fund participation, while social interactions affect stockholding through retirement accounts only. Household characteristics influence stockholding through retirement accounts conditional on owning retirement accounts, unlike what happens with stockholding through mutual funds. Although stockholding is more common among retirement account owners, this fact is mainly due to their characteristics that led them to buy retirement accounts in the first place rather than to any informational advantages gained through retirement account ownership itself. Finally, our results suggest that, taking stockholding as given, stock location is not arbitrary but crucially depends on investor characteristics. JEL Classification: G11, E21, D14, C35
T3  - CFS working paper series - 2009, 02 
KW  - Stockholding
KW  - Asset Location
KW  - Retirement Accounts
KW  - Household Finance
KW  - Multivariate Probit
KW  - Simulated Maximum Likelihood
KW  - USA
KW  - Haushalt
KW  - Aktienanlage
Y1  - 2009
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/6274
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-63730
ER  -