Stockholding: participation, location, and spillovers

Christelis, D. , Geogarakos, D. and Haliassos, M. (2011) Stockholding: participation, location, and spillovers. Journal of Banking and Finance, 35(11), pp. 1918-1930. (doi:10.1016/j.jbankfin.2010.12.012)

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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.

Item Type:Articles
Additional Information:Research on this paper has been supported by the German Research Foundation (Deutsche Forschungsgemeinschaft – DFG) under the grant ‘Regulating Retail Finance’; and by the Center for Financial Studies under its program on Household Wealth Management.
Status:Published
Refereed:Yes
Glasgow Author(s) Enlighten ID:Christelis, Dr Dimitris
Authors: Christelis, D., Geogarakos, D., and Haliassos, M.
College/School:College of Social Sciences > Adam Smith Business School > Economics
Journal Name:Journal of Banking and Finance
Publisher:Elsevier
ISSN:0378-4266
ISSN (Online):1872-6372
Published Online:17 December 2010

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