Stock market participation, work from home, and inequality

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-09-10 DOI:10.1016/j.irfa.2025.104604

Lorenz Meister , Lukas Menkhoff , Carsten Schröder

引用次数: 0

Abstract

Stock market participation among working household heads jumped upwards in 2020 - in Germany by about 25 %. A major cause is the required use of work from home (WfH). We show this by adding WfH to a large set of explanatory variables. Moreover, we implement an instrumental variables estimation based on industry-specific levels of WfH-capacity. The transmission channels seem to work via increased available time and time flexibility. Moreover, we show that WfH makes the stock market accessible to a broader population, including lower income groups, which may contribute to lower income and wealth inequality in the future.

查看原文本刊更多论文

股票市场参与、在家工作和不平等

2020年，在职户主参与股市的比例大幅上升，在德国增长了约25%。一个主要原因是需要使用在家工作（WfH）。我们通过将WfH添加到一大组解释变量来说明这一点。此外，我们基于行业特定的wfh容量水平实现了工具变量估计。传输通道似乎是通过增加可用时间和时间灵活性来工作的。此外，我们表明，WfH使更广泛的人群（包括低收入群体）可以进入股票市场，这可能有助于降低未来的收入和财富不平等。

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

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.