wealth on firm outcomes that corrects for the bias introduced by selection into entrepreneurship. An increase in stock market …We use detailed data on stock portfolios of Norwegian households to show that stock market wealth increases … entrepreneurship activity. Our research design isolates idiosyncratic, quasi-random variation in stock market returns. An increase in …

novel survey data from the top of the wealth distribution, which have been added to the 2019 German Socio-economic Panel … Study. The data include private wealth balance sheets, in particular the value of own private business assets, and a … share of their wealth in their own businesses when they are more willing to take risks. These associations are stronger …

"To measure the wealth-consumption ratio, we estimate an exponentially affine model of the stochastic discount factor … US consumption. Our estimates indicate that total wealth is much safer than stock market wealth. The consumption risk … wealth-consumption ratio is much higher than the price-dividend ratio on stocks throughout the post-war period. The high …

aggregate consumption. The price-dividend ratio of this claim is the wealth-consumption ratio. Our estimates indicate that total … wealth is much safer than stock market wealth. The consumption risk premium is only 2.2 percent, substantially below the … equity risk premium of 6.9 percent. As a result, the average US household has more wealth than one might think; most of it is …

We estimate the causal effect of wealth on stock market participation using administrative data on Swedish lottery … intuitive ways. Standard lifecycle models predict wealth effects far too large to match our causal estimates under common …

market wealth affect worker output. Exploiting large return variations over time and across investors, we document a 10 … idiosyncratic stock investment returns, and moreover is unexplained by investor-specific liquidity needs. Consistent with the wealth …

aggregate consumption. The price-dividend ratio of this claim is the wealth-consumption ratio. Our estimates indicate that total … wealth is much safer than stock market wealth. The consumption risk premium is only 2.2 percent, substantially below the … equity risk premium of 6.9 percent. As a result, the average US household has more wealth than one might think; most of it is …

financial behavior. We find that private consumption is excessively sensitive to dividend income. Investors across wealth …

We estimate the causal effect of wealth on stock market participation using administrative data on Swedish lottery … intuitive ways. Standard lifecycle models predict wealth effects far too large to match our causal estimates under common …