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 …

This paper investigates the effects of stock market wealth on consumer spending. Traditional macroeconometric models … estimate that a dollar's increase in stock market wealth boosts consumer spending by 3-7 cents per year. With the substantial … 1990s rise in stock prices, the nature and magnitude of this "wealth effect" have been much debated. After describing the …

of intelligence (IQ), results in frequent investor trading and subsequent investor wealth erosion across time. Using the … National Longitudinal Survey (NLSY79), change in wealth and asset allocation across time is modeled as a function of various … individual wealth creation across time …

This study examines the causal effects of housing wealth appreciation on the stock market participation of households … design, we find the following: (1) Unexpected housing wealth appreciation substantially promotes households’ stock market … participation. (2) The housing wealth effect relaxes households’ liquidity constraints and thus encourages them to invest in stocks …