Stockholding : participation, location, and spillovers


Christelis, Dimitris ; Georgarakos, Dimitris ; Haliassos, Michael


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URL: http://ub-madoc.bib.uni-mannheim.de/3032
URN: urn:nbn:de:bsz:180-madoc-30323
Document Type: Working paper
Year of publication: 2010
Publication language: English
Institution: School of Social Sciences > Sonstige - Fakultät für Sozialwissenschaften
MADOC publication series: Veröffentlichungen des MEA (Mannheim Research Institute For the Economics of Aging) > MEA Discussion Papers
Subject: 330 Economics
Classification: JEL: C35 D14 E21 G11 ,
Subject headings (SWD): USA , Haushalt , Anlageverhalten , Aktionär , Private Altersversorgung
Keywords (English): Stockholding , asset location , retirement accounts , household finance , multivariate probit , simulated maximum likelihood
Abstract: This paper provides the first joint analysis of household stockholding participation, location among stockholding modes, and participation spillovers. Our model matches observed participation, conditional and unconditional, and asset location patterns. We find that financial sophistication correlates strongly only with direct stockholding and mutual fund participation, while social interactions mainly influence stockholding through retirement accounts. Whether retirement account owners include stocks in them strongly depends on owner characteristics, unlike with mutual fund owners and investment in stock funds. Stockholding is more common among retirement account owners, but mainly because of owner characteristics rather than spillovers from retirement account ownership.
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Christelis, Dimitris ; Georgarakos, Dimitris ; Haliassos, Michael (2010) Stockholding : participation, location, and spillovers. Open Access [Working paper]
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