G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w21673
来源IDWorking 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
URLhttps://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。
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Joseph S. Briggs]的文章
[David Cesarini]的文章
[Erik Lindqvist]的文章
百度学术
百度学术中相似的文章
[Joseph S. Briggs]的文章
[David Cesarini]的文章
[Erik Lindqvist]的文章
必应学术
必应学术中相似的文章
[Joseph S. Briggs]的文章
[David Cesarini]的文章
[Erik Lindqvist]的文章
相关权益政策
暂无数据
收藏/分享

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。