Alessie, Rob; Hochguertel, Stefan; Soest, Arthur van - In: The Review of Economics and Statistics 86 (2004) 3, pp. 783-796
This paper analyzes the ownership dynamics of stocks and mutual funds, using representative household panel data, the Dutch CentER Savings Survey 1993-1998. A bivariate dynamic binary-choice model is introduced, allowing for interactions between the two types of assets. We find that unobserved...