This paper proposes a difference-in-differences approach for disentangling a total treatment effect on some outcome into a direct effect as well as an indirect effect operating through a binary intermediate variable - or mediator - within strata defined upon how the mediator reacts to the...

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....

We utilize shopping receipt lotteries that almost every shopper participates in and complete administrative data in Taiwan to examine the effect of cash windfalls on stock market participation. The advantage of using receipt lottery winning is its immunity from the sampling biases that may limit...