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Household Stockholding Behavior During the Great Financial Crisis

Jie Zhou ()

Staff Working Papers from Bank of Canada

Abstract: 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
Date: 2015
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Handle: RePEc:bca:bocawp:15-15