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Windfall Gains and Stock Market Participation

Author

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  • Briggs, Joseph

    (New York University)

  • Cesarini, David

    (New York University)

  • Lindqvist, Erik

    (Stockholm School of Economics)

  • Östling, Robert

    (Institute for International Economic Studies, Stockholm University)

Abstract

We estimate the causal effect of wealth on stock market participation using administrative data on Swedish lottery players. A $150,000 windfall gain increases stock ownership probability among pre-lottery non-participants by 12 percentage points, while pre-lottery stock holders are unaffected. The effect is immediate, seemingly permanent and heterogeneous in intuitive ways. Standard lifecycle models predict wealth effects far too large to match our causal estimates under common calibrations. Additional analyses suggest a limited role for explanations such as procrastination or real-estate investment. Overall, results suggest that "nonstandard" beliefs or preferences contribute to the nonparticipation of households across many demographic groups.

Suggested Citation

  • Briggs, Joseph & Cesarini, David & Lindqvist, Erik & Östling, Robert, 2015. "Windfall Gains and Stock Market Participation," Working Paper Series 1092, Research Institute of Industrial Economics.
    • Handle: RePEc:hhs:iuiwop:1092
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    More about this item

    Keywords

    Stock market participation; Portfolio choice; Household finance;
    All these keywords.

    JEL classification:

    • D10 - Microeconomics - - Household Behavior - - - General
    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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