English, Article, Journal or magazine article edition: Why do Wealthy Investors have a Higher Return on their Stocks? Yosef Bonaparte

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Bookmark: http://trove.nla.gov.au/version/56305
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Why do Wealthy Investors have a Higher Return on their Stocks?
Author
  • Yosef Bonaparte
Physical Description
  • preprint
Notes
  • In contrast to the standard economics theory, an analysis of the Survey of Consumer Finance shows that wealthy investors have a higher return on their stocks than their poorer counterparts. The paper presents a general financial and economic theory of risk and search behavior to address the question if why wealthy investors have a higher return on their stocks. Two additional facts emerge: (i) wealthy investors employ more productive search efforts, and (ii) financial risk bearing and search efforts are complementary. This study develops an explanation for the wealth inequality and the equity premium puzzle as well as the policy implications of the privatization of social security
  • Investment decisions, financial behavior, search and risk behavior
  • RePEc:red:sed006:286
Language
  • English
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