| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20246 |
| 来源ID | Working Paper 20246 |
| Investor Sophistication and Capital Income Inequality | |
| Marcin Kacperczyk; Jaromir B. Nosal; Luminita Stevens | |
| 发表日期 | 2014-06-19 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | What contributes to the growing income inequality across U.S. households? We develop an information- based general equilibrium model that links capital income derived from financial assets to a level of investor sophistication. Our model implies income inequality between sophisticated and unsophisticated investors that is growing in investors' aggregate and relative sophistication in the market. We show that our model is quantitatively consistent with the data from the U.S. market. In addition, we provide supporting evidence for our mechanism using a unique set of cross-sectional and time-series predictions on asset ownership and stock turnover. |
| 主题 | Macroeconomics ; Consumption and Investment ; Money and Interest Rates ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions |
| URL | https://www.nber.org/papers/w20246 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577919 |
| 推荐引用方式 GB/T 7714 | Marcin Kacperczyk,Jaromir B. Nosal,Luminita Stevens. Investor Sophistication and Capital Income Inequality. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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