Who Sold During the Crash of 2008-9? Evidence from Tax-Return Data on Daily Sales of Stock

Jeffrey Hoopes, Patrick Langetieg, Stefan Nagel, Daniel Reck, Joel Slemrod and Bryan Stuart

No 22209, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We examine individual stock sales from 2008 to 2009 using population tax return data. The share of sales by the top 0.1 percent of income recipients and other top income groups rose sharply following the Lehman Brothers bankruptcy and remained elevated throughout the financial crisis. Sales by top income and older age groups were relatively more responsive to increased stock market volatility. Volatility-driven sales were not concentrated in any one sector, but mutual fund sales responded more strongly to increased volatility than stock sales. Additional analysis suggests that gross sales in tax return data are informative about unobserved net sales.

JEL-codes: G01 G11 G12 (search for similar items in EconPapers)
Date: 2016-04
New Economics Papers: this item is included in nep-pbe and nep-pke
Note: AP PE
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (13)

Downloads: (external link)
http://www.nber.org/papers/w22209.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:22209

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w22209

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().