Theory often suggests that wider household participation in stockholding reduces wealth inequality by expanding access. Empirical participation literature raises concerns that newcomers may be less educated, less sophisticated, and poorer. We use SCF data to decompose changes in wealth...

We document and study international differences in both ownership and holdings of stocks, private businesses, homes, and mortgages among households aged fifty or more in thirteen countries, using new and comparable survey data. We employ counterfactual techniques to decompose observed...

This paper provides the first joint analysis of household stockholding participation, location among stockholding modes, and participation spillovers. Our model matches observed participation, conditional and unconditional, and asset location patterns. We find that financial sophistication...