NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Investor Sophistication and Capital Income Inequality

Marcin Kacperczyk, Jaromir B. Nosal, Luminita Stevens

NBER Working Paper No. 20246
Issued in June 2014

---- Acknowledgments ----

We thank John Donaldson, Xavier Gabaix, Mike Golosov, Kai Li, Matteo Maggiori, Gustavo Manso, Stijn van Nieuwerburgh, Alexi Savov, Laura Veldkamp, and seminar participants at City University of Hong Kong Finance Conference, Columbia University, Federal Reserve Bank of New York, Imperial College, London School of Economics, National Bank of Poland, NBER Asset Pricing Meeting, New York University, Penn State University, Society for Economic Dynamics, University of Maryland, and University of Western Ontario for useful suggestions, and Joonkyu Choi for excellent research assistance. Kacperczyk acknowledges research support by a Marie Curie FP7 Integration Grant within the 7th European Union Framework Programme. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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