Left Behind: Presidential Cycles and Partisan Gap in Stock Market Participation

Da Ke
{"title":"Left Behind: Presidential Cycles and Partisan Gap in Stock Market Participation","authors":"Da Ke","doi":"10.2139/ssrn.3384406","DOIUrl":null,"url":null,"abstract":"Using longitudinal U.S. household data, I document that Democrats are less likely than Republicans to participate in the stock market. More importantly, the partisan gap in stock market participation widens sharply under Democratic presidencies, precisely when the stock market returns are substantially higher. This dynamic pattern accounts for more than 40 percent of the discrepancy in wealth accumulation between Democrats and Republicans over presidential cycles. Overall, these findings underscore the interplay between individual ideology, household portfolio choice, and changing economic and political landscape.","PeriodicalId":286096,"journal":{"name":"PSN: Political Parties (Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2020-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"10","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"PSN: Political Parties (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3384406","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 10

Abstract

Using longitudinal U.S. household data, I document that Democrats are less likely than Republicans to participate in the stock market. More importantly, the partisan gap in stock market participation widens sharply under Democratic presidencies, precisely when the stock market returns are substantially higher. This dynamic pattern accounts for more than 40 percent of the discrepancy in wealth accumulation between Democrats and Republicans over presidential cycles. Overall, these findings underscore the interplay between individual ideology, household portfolio choice, and changing economic and political landscape.
落后:总统周期和股票市场参与的党派差距
利用美国家庭的纵向数据,我证明民主党人比共和党人更不可能参与股市。更重要的是,在民主党总统任期内,股市参与度的党派差距急剧扩大,而这恰恰是股市回报率高得多的时候。这种动态模式解释了民主党和共和党在总统任期内财富积累差异的40%以上。总的来说,这些发现强调了个人意识形态、家庭投资组合选择和不断变化的经济和政治格局之间的相互作用。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 求助全文
来源期刊
自引率
0.00%
发文量
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:604180095
Book学术官方微信