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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP7227 |
DP7227 The Equity Premium and the Business Cycle: the Role of Demand and Supply Shocks | |
Michael R. Wickens; Peter N Smith; Steffen Sorensen | |
发表日期 | 2009-03-22 |
出版年 | 2009 |
语种 | 英语 |
摘要 | Existing studies of household stock trading using administrative data offer conflicting results: discount brokerage accounts exhibit excessive trading, while retirement accounts show inactivity. This paper uses population-wide data from PSID and SCF to examine the overall extent of household portfolio inertia in participation and trading and its link to household characteristics and stock market movements. We document considerable portfolio inertia, linked to characteristics (e.g., low education or limited resources), but hardly to index movements. The downswing seems to have encouraged staying out, rather than getting out of the market. We find important differences in trading patterns of the small minority with brokerage accounts relative to the population; and small fractions of owners? wealth in those accounts. Our findings strengthen the case for default options in retirement accounts and for funds with built-in trading provisions. While households did not overreact to the downswing through massive sales or exits, this seems more a manifestation of widespread inertia than of optimal response to stock market fluctuations. |
主题 | Financial Economics |
关键词 | Household finance Portfolio inertia Stock trading Stockholding |
URL | https://cepr.org/publications/dp7227 |
来源智库 | Centre for Economic Policy Research (United Kingdom) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536062 |
推荐引用方式 GB/T 7714 | Michael R. Wickens,Peter N Smith,Steffen Sorensen. DP7227 The Equity Premium and the Business Cycle: the Role of Demand and Supply Shocks. 2009. |
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