Dimitris Christelis|Dimitris Georgarakos|Michael Haliassos
Stockholding: Participation, location, and spillovers
Ca' Foscari University of Venice|University of Padua|Goethe University Frankfurt|Goethe University Frankfurt
paper provides first joint analysis household stockholding participation location among stockholding modes participation spillovers model matches observed participation conditional unconditional asset location patterns find financial sophistication correlates strongly direct stockholding mutual fund participation social interactions mainly influence stockholding retirement accounts whether retirement account owners include stocks accounts strongly depends owner characteristics case mutual fund owners investment stock funds stockholding common among retirement account owners mainly owner characteristics rather participation spillovers retirement account ownership