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.
| Verfasserangaben: | Yannis Bilias, Dimitris Georgarakos, Michael HaliassosORCiDGND |
|---|---|
| URN: | urn:nbn:de:hebis:30:3-350071 |
| URL: | http://ssrn.com/abstract=731805 |
| DOI: | https://doi.org/10.2139/ssrn.731805 |
| Dokumentart: | Bericht |
| Sprache: | Englisch |
| Jahr der Fertigstellung: | 2013 |
| Jahr der Erstveröffentlichung: | 2013 |
| Veröffentlichende Institution: | Universitätsbibliothek Johann Christian Senckenberg |
| Datum der Freischaltung: | 10.09.2014 |
| Freies Schlagwort / Tag: | financial literacy; household finance; stockholding; wealth distribution |
| Ausgabe / Heft: | Version April 4, 2013 |
| Seitenzahl: | 32 |
| HeBIS-PPN: | 34814007X |
| Institute: | Wirtschaftswissenschaften / Wirtschaftswissenschaften |
| Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS) | |
| DDC-Klassifikation: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
| Sammlungen: | Universitätspublikationen |
| Lizenz (Deutsch): |  Deutsches Urheberrecht |
