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http://hdl.handle.net/10419/43227
  
Title:Stockholding: From participation to location and to participation spillovers PDF Logo
Authors:Christelis, Dimitris
Georgarakos, Dimitris
Haliassos, Michael
Issue Date:2009
Series/Report no.:CFS Working Paper 2009/02
Abstract:This paper provides a joint analysis of household stockholding participation, stock location among stockholding modes, and participation spillovers, using data from the US Survey of Consumer Finances. Our multivariate choice model matches observed participation rates, conditional and unconditional, and asset location patterns. Financial education and sophistication strongly affect direct stockholding and mutual fund participation, while social interactions affect stockholding through retirement accounts only. Household characteristics influence stockholding through retirement accounts conditional on owning retirement accounts, unlike what happens with stockholding through mutual funds. Although stockholding is more common among retirement account owners, this fact is mainly due to their characteristics that led them to buy retirement accounts in the first place rather than to any informational advantages gained through retirement account ownership itself. Finally, our results suggest that, taking stockholding as given, stock location is not arbitrary but crucially depends on investor characteristics.
Subjects:Stockholding
Asset Location
Retirement Accounts
Household Finance
Multivariate Probit
Simulated Maximum Likelihood
JEL:G11
E21
D14
C35
Persistent Identifier of the first edition:urn:nbn:de:hebis:30-63730
Document Type:Working Paper
Appears in Collections:CFS Working Paper Series, Universität Frankfurt a. M.

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