Household Stockholding Behavior During the Great Financial Crisis
Jie Zhou ()
Staff Working Papers from Bank of Canada
Using the Panel Study of Income Dynamics, this paper studies household stock market participation and trading behavior in 2007–09, a period that saw a major stock market downswing. The stock market participation rate fell after the market crash. We find evidence that less-educated households, poor households and households with heads belonging to a minority are the ones that dropped out of the market after the market crash. We also find that, of the households that held stocks in non-retirement accounts in 2007, a significant portion reported no stock market activity in non-retirement accounts during the crisis period.
Keywords: Asset Pricing; Financial markets (search for similar items in EconPapers)
JEL-codes: G01 G11 (search for similar items in EconPapers)
Pages: 44 pages
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Persistent link: https://EconPapers.repec.org/RePEc:bca:bocawp:15-15
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