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http://ssrn.com/abstract=1726003
 
 

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Stockholding: Participation, Location, and Spillovers


Dimitris Christelis


Centre for Studies in Economics and Finance (CSEF), University of Naples Federico II; Center for Financial Studies (CFS); ARC Centre of Excellence in Population Ageing Research (CEPAR)

Dimitris Georgarakos


Goethe University Frankfurt; Center for Financial Studies (CFS); University of Leicester

Michael Haliassos


Goethe University Frankfurt - Faculty of Economics and Business Administration; Goethe University Frankfurt - Center for Financial Studies (CFS); Goethe University Frankfurt - Research Center SAFE; Goethe University Frankfurt - House of Finance; CEPR

October 18, 2010

Journal of Banking and Finance, Forthcoming

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 their accounts strongly depends on owner characteristics, which is not the case 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 of any participation spillovers from retirement account ownership.

Keywords: Stockholding, Asset Location, Retirement Accounts, Household Finance, Multivariate Probit, Simulated Maximum Likelihood

JEL Classification: G11, E21

Accepted Paper Series


Not Available For Download

Date posted: December 16, 2010  

Suggested Citation

Christelis, Dimitris and Georgarakos, Dimitris and Haliassos, Michael, Stockholding: Participation, Location, and Spillovers (October 18, 2010). Journal of Banking and Finance, Forthcoming. Available at SSRN: http://ssrn.com/abstract=1726003

Contact Information

Dimitris Christelis
Centre for Studies in Economics and Finance (CSEF), University of Naples Federico II ( email )
Via Cintia, Monte S. Angelo
Naples, NA 80126
Italy
Center for Financial Studies (CFS) ( email )
Grüneburgplatz 1
Frankfurt am Main, 60323
Germany
ARC Centre of Excellence in Population Ageing Research (CEPAR) ( email )
Australian School of Business
Ground Floor, East Wing UNSW Kensington Campus
Sydney, New South Wales NSW 2052
Australia
+61 (2) 9931 9202 (Phone)
HOME PAGE: http://www.cepar.edu.au
Dimitris Georgarakos
Goethe University Frankfurt ( email )
House of Finance
Grueneburgplatz 1, PF H32
Frankfurt am Main, DE Hessen 60323
Germany
+49 69 798 34033 (Phone)
Center for Financial Studies (CFS)
Grüneburgplatz 1
Frankfurt am Main, 60323
Germany
University of Leicester
Department of Economics
Leicester LE1 7RH, LE1 7RH
United Kingdom
Michael Haliassos (Contact Author)
Goethe University Frankfurt - Faculty of Economics and Business Administration ( email )
Grueneburgplatz 1
Frankfurt am Main, D-60323
Germany
Goethe University Frankfurt - Center for Financial Studies (CFS)
Grueneburgplatz 1
Frankfurt am Main, 60323
Germany
HOME PAGE: http://www.ifk-cfs.de
Goethe University Frankfurt - Research Center SAFE ( email )
Grüneburgplatz 1
Frankfurt am Main, 60323
Germany
Goethe University Frankfurt - House of Finance
Grüneburgplatz 1
Frankfurt am Main, 60323
Germany
CEPR
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
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