NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Are High Income Individuals Better Stock Market Investors?

Martin Feldstein, Shlomo Yitzhaki

NBER Working Paper No. 948
Issued in July 1982
NBER Program(s):   PE

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.

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Document Object Identifier (DOI): 10.3386/w0948

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