TY  - RPRT
A1  - Bilias, Yannis
A1  - Georgarakos, Dimitris
A1  - Haliassos, Michael
T1  - Equity culture and the distribution of wealth
N2  - Is wider access to stockholding opportunities related to reduced wealth inequality, given that it creates challenges for small and less sophisticated investors? Counterfactual analysis is used to study the influence of changes in the US stockholder pool and economic environment, on the distribution of stock and net household wealth during a period of dramatic increase in stock market participation. We uncover substantial shifts in stockholder pool composition, favoring smaller holdings during the 1990s upswing but larger holdings around the burst of the Internet bubble. We find no evidence that widening access to stocks was associated with reduced net wealth inequality.
KW  - household finance
KW  - stockholding
KW  - financial literacy
KW  - wealth distribution
Y1  - 2013
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/35007
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-350071
UR  - http://ssrn.com/abstract=731805
IS  - Version April 4, 2013
ER  -