全球智库信息集成服务系统(G2TT): DP7227 The Equity Premium and the Business Cycle: the Role of Demand and Supply Shocks

G2TT

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.