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Asset Ownership Across Generations

Author

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  • Ngina S. Chiteji
  • Frank P. Stafford

Abstract

This paper examines cross-generational connections in asset ownership. It begins by presenting a theoretical framework that develops the distinction between the intergenerational transfer of knowledge about financial assets and the direct transfer of dollars from parents to children. Its analysis of data from the Panel Study of Income Dynamics (PSID) reveals intergenerational correlations in asset ownership, and we find evidence to suggest that parental asset ownership or family-based exposure to assets affects adult childrenÕs decisions about bank account and stock ownership.

Suggested Citation

  • Ngina S. Chiteji & Frank P. Stafford, 2000. "Asset Ownership Across Generations," Economics Working Paper Archive wp_314, Levy Economics Institute.
    • Handle: RePEc:lev:wrkpap:wp_314
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    Cited by:

    1. Luc Arrondel & Hector Calvo Pardo & Xisco Oliver, 2007. "Temperant portfolio choice and background risk: evidence from France," Working Papers halshs-00588069, HAL.
    2. Annette Vissing-Jorgensen, 2000. "Towards an Explanation of Household Portfolio Choice Heterogeneity: Nonfinancial Income and Participation Cost Structures," Econometric Society World Congress 2000 Contributed Papers 1102, Econometric Society.
    3. Robert B. Williams, 2017. "Wealth Privilege and the Racial Wealth Gap: A Case Study in Economic Stratification," The Review of Black Political Economy, Springer;National Economic Association, vol. 44(3), pages 303-325, December.
    4. Kerwin Kofi Charles & Erik Hurst, 2003. "The Correlation of Wealth across Generations," Journal of Political Economy, University of Chicago Press, vol. 111(6), pages 1155-1182, December.
    5. Luigi Guiso & Paola Sapienza & Luigi Zingales, 2008. "Trusting the Stock Market," Journal of Finance, American Finance Association, vol. 63(6), pages 2557-2600, December.
    6. Luc Arrondel, 2013. "Are “daddy’s boys” just as rich as daddy? The transmission of values between generations," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 11(4), pages 439-471, December.
    7. Anna Christina D'Addio, 2007. "Intergenerational Transmission of Disadvantage: Mobility or Immobility Across Generations?," OECD Social, Employment and Migration Working Papers 52, OECD Publishing.
    8. N. Chiteji & Darrick Hamilton, 2002. "Family connections and the black-white wealth gap among middle-class families," The Review of Black Political Economy, Springer;National Economic Association, vol. 30(1), pages 9-28, June.
    9. Barnea, Amir & Cronqvist, Henrik & Siegel, Stephan, 2010. "Nature or nurture: What determines investor behavior?," Journal of Financial Economics, Elsevier, vol. 98(3), pages 583-604, December.
    10. Leah Hamilton & Marcia Shobe & Yvette Murphy-Erby & Kameri Christy, 2012. "“It’s All About Security to Meâ€," SAGE Open, , vol. 2(4), pages 21582440124, December.
    11. Haliassos, Michael & Reiter, Michael, 2005. "Trusting the stock market," CFS Working Paper Series 2005/27, Center for Financial Studies (CFS).

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