Stockholding in Germany

Börsch-Supan, Axel ; Essig, Lothar

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URN: urn:nbn:de:bsz:180-madoc-3063
Document Type: Working paper
Year of publication: 2002
The title of a journal, publication series: None
Publication language: English
Institution: School of Law and Economics > Sonstige - Fakultät für Rechtswissenschaft und Volkswirtschaftslehre
MADOC publication series: Veröffentlichungen des MEA (Mannheim Research Institute For the Economics of Aging) > MEA Discussion Papers
Subject: 330 Economics
Subject headings (SWD): Aktienanlage
Abstract: Germany is not a country of stock-holders - but this may change. This paper analyses the main trends in stockholding - either directly or indirectly through mutual funds and other managed investment accounts - among German households. We find a significant shift towards riskier portfolios and an increase in stock market and in mutual funds participation in the past decade. We document how stockownership evolves during the life cycle and the relation between stock market participation and wealth, education, and other demographic characteristics. Similar to other countries, we find that stockholding is concentrated among the wealthy households. Unlike to the Anglo-Saxon countries, however, the share of households who do not hold stocks is large even in the richest segment of the German population.
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