Bilias, Y., Georgarakos, D. and Haliassos, M. (2017) Has greater stock market participation increased wealth inequality in the US? Review of Income and Wealth, 63(1), pp. 169-188. (doi: 10.1111/roiw.12225)
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Abstract
Is wider access to stockholding opportunities related to reduced wealth inequality, given that it creates challenges for small and less sophisticated investors? Counterfactual analysis is used to study the influence of changes in the U.S. stockholder pool and economic environment, on the distribution of stock and net household wealth during a period of dramatic increase in stock market participation. We uncover substantial shifts in stockholder pool composition, favoring smaller holdings during the 1990s upswing but larger holdings around the burst of the Internet bubble. We find no evidence that widening access to stocks was associated with reduced net wealth inequality.
| Item Type: | Articles |
|---|---|
| Status: | Published |
| Refereed: | Yes |
| Glasgow Author(s) Enlighten ID: | Georgarakos, Professor Dimitris |
| Authors: | Bilias, Y., Georgarakos, D., and Haliassos, M. |
| College/School: | College of Social Sciences > Adam Smith Business School > Economics |
| Journal Name: | Review of Income and Wealth |
| Publisher: | Wiley |
| ISSN: | 0034-6586 |
| ISSN (Online): | 1475-4991 |
| Published Online: | 07 January 2016 |
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