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Who Sold During the Crash of 2008-9? Evidence from Tax-Return Data on Daily Sales of Stock / Jeffrey Hoopes, Patrick Langetieg, Stefan Nagel, Daniel Reck, Joel Slemrod, Bryan Stuart.
- Format:
- Book
- Author/Creator:
- Hoopes, Jeffrey.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w22209.
- NBER working paper series no. w22209
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2016.
- Summary:
- We examine individual stock sales from 2008 to 2009 using population tax return data. The share of sales by the top 0.1 percent of income recipients and other top income groups rose sharply following the Lehman Brothers bankruptcy and remained elevated throughout the financial crisis. Sales by top income and older age groups were relatively more responsive to increased stock market volatility. Volatility-driven sales were not concentrated in any one sector, but mutual fund sales responded more strongly to increased volatility than stock sales. Additional analysis suggests that gross sales in tax return data are informative about unobserved net sales.
- Notes:
- Print version record
- April 2016.
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