Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
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. The evidence indicates that the differences are large and that they have persisted for a long period of time. Some potential explanations of this phenomenon are discussed, and it seems that the best explanation is that the rich have a higher tendency to invest in risky stock.