Are High Income Individuals Better Stock Market Investors?
Working Paper 0948
DOI 10.3386/w0948
Issue Date
This paper presents evidence that the corporate stock owned by high income investors appreciates substantially faster than the stock owned by investors with lower incomes. Those with very high incomes enjoy the greatest success on their investments while those with incomes under $20,000 have the least success. The evidence indicates that the differences are large and that they have persisted for a long time.