The Relation between Return and Income

Shlomo Yitzhaki

The Quarterly Journal of Economics, 1987, vol. 102, issue 1, 77-95

Abstract: 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.

Date: 1987
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