Has Greater Stock Market Participation Increased Wealth Inequality in the Us?
研究了美国股市参与度大幅上升期间，股东构成和经济环境变化对股票和家庭净财富分布的影响，发现扩大股票持有机会并未减少净财富不平等。
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.