The Relation between Return and Income
发现高收入投资者持有的公司股票升值速度远快于低收入投资者，且这种差异长期存在，可能原因是富人更倾向于投资高风险股票。
This paper presents evidence that the corporate stock owned by high-income investors appreciates substantially faster than the stock owned by investors with lower incomes. The evidence indicates that the differences are large and that they have persisted for a long period of time. Some potential explanations of this phenomenon are discussed, and it seems that the best explanation is that the rich have a higher tendency to invest in risky stock.