Stock Market Ownership Transitions
研究发现美国大量家庭进出投资账户，收入和财富变化驱动这些转换，但退休者不受收入变化影响。生命周期模型加入股市崩盘能更好拟合中年和退休者的参与率与所有权转换，而年轻人则需用高收入风险模型解释。
A significant portion of U.S. households enters and exits investment accounts. Empirically, income and wealth changes are related to these transitions, with income changes not affecting the retired. A life cycle model with participation costs cannot match the observed ownership dynamics, but an extension with stock market crash better fits the average participation rate and ownership transitions of the middle-aged and retired. This extended model does not match the ownership dynamics of the young, which are better captured by a model with elevated income risk. Overall, these findings indicate that ownership transitions respond to wealth shocks across the life cycle, both in our model and the data. This paper was accepted by Victoria Ivashina, finance. Supplemental Material: The data files are available at https://doi.org/10.1287/mnsc.2023.00290 .