{"title":"Risky Asset Holdings During Covid-19 and their Distributional Impact: Evidence from Germany.","authors":"Lukas Menkhoff, Carsten Schröder","doi":"10.1111/roiw.12549","DOIUrl":null,"url":null,"abstract":"<p><p>We present evidence from a repeated survey on risky asset holdings carried out on a representative sample of the German population six times between April and June 2020. Given the size of the Covid-19 shock, we find little evidence of portfolio rebalancing in April 2020. In May, however, individual investors started buying heavily, parallel to market recovery. The cross-section shows large differences as young, educated, high income, and risk tolerant investors are net buyers throughout and, thus, benefit from the stock market recovery. Older individuals, parents of young children, and individuals affected by adverse liquidity shocks from Covid-19 are net sellers. Given the high risk of illness, older people are hit by dual blows to both health and finances.</p>","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":"68 2","pages":"497-517"},"PeriodicalIF":1.9000,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://ftp.ncbi.nlm.nih.gov/pub/pmc/oa_pdf/2d/1c/ROIW-68-497.PMC8661715.pdf","citationCount":"4","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Review of Income and Wealth","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1111/roiw.12549","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2021/10/23 0:00:00","PubModel":"Epub","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 4
Abstract
We present evidence from a repeated survey on risky asset holdings carried out on a representative sample of the German population six times between April and June 2020. Given the size of the Covid-19 shock, we find little evidence of portfolio rebalancing in April 2020. In May, however, individual investors started buying heavily, parallel to market recovery. The cross-section shows large differences as young, educated, high income, and risk tolerant investors are net buyers throughout and, thus, benefit from the stock market recovery. Older individuals, parents of young children, and individuals affected by adverse liquidity shocks from Covid-19 are net sellers. Given the high risk of illness, older people are hit by dual blows to both health and finances.
期刊介绍：
The major objective of the Review of Income and Wealth is to advance knowledge on the definition, measurement and interpretation of national income, wealth and distribution. Among the issues covered are: - national and social accounting - microdata analyses of issues related to income and wealth and its distribution - the integration of micro and macro systems of economic, financial, and social statistics - international and intertemporal comparisons of income, wealth, inequality, poverty, well-being, and productivity - related problems of measurement and methodology
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