Household Stock Market Participation During the Great Financial Crisis

Jie Zhou

Departmental Working Papers from The University of Winnipeg, Department of Economics

Abstract: Using the Panel Study of Income Dynamics, this paper studies American households’ stock market participation in 2007–2009, a period that saw a major stock market downswing. After controlling for standard household characteristics, we estimate that the stock ownership in 2009 dropped 2.9 percentage points – a 5.9% decline – compared to that in 2007. We find evidence that less-educated households, poor households and households with heads belonging to a minority are more likely to drop out of the market after the market crash. We also compare the change in the stock ownership during the crisis period with other 2-year periods over 2003–2013.

JEL-codes: G01 G11 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2018-12
New Economics Papers: this item is included in nep-cfn and nep-fmk
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Journal Article: Household stock market participation during the great financial crisis (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:win:winwop:2018-02

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