Equity culture and the distribution of wealth
- 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.
| Author: | Yannis Bilias, Dimitris Georgarakos, Michael Haliassos |
|---|---|
| URN: | urn:nbn:de:hebis:30:3-350071 |
| URL: | http://ssrn.com/abstract=731805 |
| DOI: | https://doi.org/10.2139/ssrn.731805 |
| Document Type: | Report |
| Language: | English |
| Year of Completion: | 2013 |
| Year of first Publication: | 2013 |
| Publishing Institution: | Universitätsbibliothek Johann Christian Senckenberg |
| Release Date: | 2014/09/10 |
| Tag: | financial literacy; household finance; stockholding; wealth distribution |
| Issue: | Version April 4, 2013 |
| Page Number: | 32 |
| HeBIS-PPN: | 34814007X |
| Institutes: | Wirtschaftswissenschaften / Wirtschaftswissenschaften |
| Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS) | |
| Dewey Decimal Classification: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
| Sammlungen: | Universitätspublikationen |
| Licence (German): |  Deutsches Urheberrecht |
