Stock market participation, work from home, and inequality

Lorenz Meister, Lukas Menkhoff and Carsten Schröder

International Review of Financial Analysis, 2025, vol. 107, issue C

Abstract: Stock market participation among working household heads jumped upwards in 2020 - in Germany by about 25 %. A major cause is the required use of work from home (WfH). We show this by adding WfH to a large set of explanatory variables. Moreover, we implement an instrumental variables estimation based on industry-specific levels of WfH-capacity. The transmission channels seem to work via increased available time and time flexibility. Moreover, we show that WfH makes the stock market accessible to a broader population, including lower income groups, which may contribute to lower income and wealth inequality in the future.

Keywords: Stock market participation; Work from home; Inequality (search for similar items in EconPapers)
JEL-codes: D31 G11 G51 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:107:y:2025:i:c:s105752192500691x

DOI: 10.1016/j.irfa.2025.104604

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