| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21673 |
| 来源ID | Working Paper 21673 |
| Windfall Gains and Stock Market Participation | |
| Joseph S. Briggs; David Cesarini; Erik Lindqvist; Robert Östling | |
| 发表日期 | 2015-10-26 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We estimate the causal effect of wealth on stock market participation using administrative data on Swedish lottery players. A $150,000 windfall gain increases stock ownership probability among pre-lottery non-participants by 12 percentage points, while pre-lottery stock holders are unaffected. The effect is immediate, seemingly permanent and heterogeneous in intuitive ways. Standard lifecycle models predict wealth effects far too large to match our causal estimates under common calibrations. Additional analyses suggest a limited role for explanations such as procrastination or real-estate investment. Overall, results suggest that “nonstandard” beliefs or preferences contribute to the nonparticipation of households across many demographic groups. |
| 主题 | Microeconomics ; Households and Firms ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w21673 |
| 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/579348 |
| 推荐引用方式 GB/T 7714 | Joseph S. Briggs,David Cesarini,Erik Lindqvist,et al. Windfall Gains and Stock Market Participation. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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