Citation

Discussion Paper Details

Please find the details for DP8113 in an easy to copy and paste format below:

Full Details

Title: Stockholding: Participation, Location, and Spillovers

Author(s): Dimitris Christelis, Dimitris Georgarakos and Michael Haliassos

Publication Date: November 2010

Keyword(s): Asset location, household finance, multivariate probit, retirement accounts, simulated maximum likelihood and Stockholding

Programme Area(s): Financial Economics

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.

For full details and related downloads, please visit: https://cepr.org/active/publications/discussion_papers/dp.php?dpno=8113

Bibliographic Reference

Christelis, D, Georgarakos, D and Haliassos, M. 2010. 'Stockholding: Participation, Location, and Spillovers'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=8113