{"id":"https://openalex.org/W2144656807","doi":"https://doi.org/10.1162/0034653041811761","title":"Ownership of Stocks and Mutual Funds: A Panel Data Analysis","display_name":"Ownership of Stocks and Mutual Funds: A Panel Data Analysis","publication_year":2004,"publication_date":"2004-08-01","ids":{"openalex":"https://openalex.org/W2144656807","doi":"https://doi.org/10.1162/0034653041811761","mag":"2144656807"},"language":"en","primary_location":{"id":"doi:10.1162/0034653041811761","doi":"https://doi.org/10.1162/0034653041811761","is_oa":false,"landing_page_url":"https://doi.org/10.1162/0034653041811761","pdf_url":null,"source":{"id":"https://openalex.org/S180061323","display_name":"The Review of Economics and Statistics","issn_l":"0034-6535","issn":["0034-6535","1530-9142"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","jufo-3","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310315718","host_organization_name":"The MIT Press","host_organization_lineage":["https://openalex.org/P4310315718","https://openalex.org/P4310316440"],"host_organization_lineage_names":["The MIT Press","Massachusetts Institute of Technology"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Review of Economics and Statistics","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5037836460","display_name":"Rob J.M. Alessie","orcid":"https://orcid.org/0000-0002-5128-6753","observed_orcids":["https://orcid.org/0000-0002-5128-6753"]},"institutions":[{"id":"https://openalex.org/I193662353","display_name":"Utrecht University","ror":"https://ror.org/04pp8hn57","country_code":"NL","type":"education","lineage":["https://openalex.org/I193662353"]}],"countries":["NL"],"is_corresponding":false,"raw_author_name":"Rob Alessie","raw_affiliation_strings":["Utrecht University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Utrecht University","institution_ids":["https://openalex.org/I193662353"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5000648528","display_name":"Stefan Hochguertel","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I865915315","display_name":"Vrije Universiteit Amsterdam","ror":"https://ror.org/008xxew50","country_code":"NL","type":"education","lineage":["https://openalex.org/I865915315"]}],"countries":["NL"],"is_corresponding":false,"raw_author_name":"Stefan Hochguertel","raw_affiliation_strings":["Free University Amsterdam","Amsterdam Center for Multiscale Modeling (ACMM)"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Free University Amsterdam","institution_ids":["https://openalex.org/I865915315"]},{"raw_affiliation_string":"Amsterdam Center for Multiscale Modeling (ACMM)","institution_ids":[]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5025897422","display_name":"Arthur van Soest","orcid":"https://orcid.org/0000-0002-4765-8382","observed_orcids":["https://orcid.org/0000-0002-4765-8382"]},"institutions":[{"id":"https://openalex.org/I193700539","display_name":"Tilburg University","ror":"https://ror.org/04b8v1s79","country_code":"NL","type":"education","lineage":["https://openalex.org/I193700539"]}],"countries":["NL"],"is_corresponding":false,"raw_author_name":"Arthur van Soest","raw_affiliation_strings":["University of Tilburg, Faculty of Social and Behavioural Sciences"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Tilburg, Faculty of Social and Behavioural Sciences","institution_ids":["https://openalex.org/I193700539"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":22.0536,"has_fulltext":false,"cited_by_count":151,"citation_normalized_percentile":{"value":0.98958367,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":90,"max":99},"biblio":{"volume":"86","issue":"3","first_page":"783","last_page":"796"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10517","display_name":"Financial Literacy, Pension, Retirement Analysis","score":0.9932000041007996,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10517","display_name":"Financial Literacy, Pension, Retirement Analysis","score":0.9932000041007996,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.002099999925121665,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13744","display_name":"Financial Literacy and Behavior","score":0.0012000000569969416,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/stock-ownership","display_name":"stock ownership","score":0.9039999842643738},{"id":"https://openalex.org/keywords/mutual-fund-ownership","display_name":"mutual fund ownership","score":0.984000027179718},{"id":"https://openalex.org/keywords/household-portfolio-choice","display_name":"household portfolio choice","score":0.7639999985694885},{"id":"https://openalex.org/keywords/unobserved-heterogeneity","display_name":"unobserved heterogeneity","score":0.9470000267028809},{"id":"https://openalex.org/keywords/state-dependence","display_name":"state dependence","score":0.9990000128746033},{"id":"https://openalex.org/keywords/switching-costs","display_name":"switching costs","score":0.4359999895095825}],"concepts":[{"id":"https://openalex.org/C64341305","wikidata":"https://www.wikidata.org/wiki/Q4919225","display_name":"Bivariate analysis","level":2,"score":0.6948586106300354},{"id":"https://openalex.org/C6422946","wikidata":"https://www.wikidata.org/wiki/Q857354","display_name":"Panel data","level":2,"score":0.6866257786750793},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.5909472703933716},{"id":"https://openalex.org/C2777506082","wikidata":"https://www.wikidata.org/wiki/Q2396633","display_name":"State ownership","level":3,"score":0.5234398245811462},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4993913173675537},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.33243316411972046},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.177528977394104},{"id":"https://openalex.org/C121087249","wikidata":"https://www.wikidata.org/wiki/Q546395","display_name":"Emerging markets","level":2,"score":0.14369967579841614},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.13937348127365112},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.0}],"mesh":[],"locations_count":7,"locations":[{"id":"doi:10.1162/0034653041811761","doi":"https://doi.org/10.1162/0034653041811761","is_oa":false,"landing_page_url":"https://doi.org/10.1162/0034653041811761","pdf_url":null,"source":{"id":"https://openalex.org/S180061323","display_name":"The Review of Economics and Statistics","issn_l":"0034-6535","issn":["0034-6535","1530-9142"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","jufo-3","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310315718","host_organization_name":"The MIT Press","host_organization_lineage":["https://openalex.org/P4310315718","https://openalex.org/P4310316440"],"host_organization_lineage_names":["The MIT Press","Massachusetts Institute of Technology"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Review of Economics and Statistics","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:tpr:restat:v:86:y:2004:i:3:p:783-796","doi":null,"is_oa":false,"landing_page_url":"http://www.mitpressjournals.org/doi/pdf/10.1162/0034653041811761","pdf_url":"http://www.mitpressjournals.org/doi/pdf/10.1162/0034653041811761","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:research.vu.nl:openaire_cris_publications/6312f0df-0171-4a90-af69-cb62556724bc","doi":null,"is_oa":false,"landing_page_url":"https://hdl.handle.net/1871.1/6312f0df-0171-4a90-af69-cb62556724bc","pdf_url":null,"source":{"id":"https://openalex.org/S4306401107","display_name":"VU Research Portal","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I865915315","host_organization_name":"Vrije Universiteit Amsterdam","host_organization_lineage":["https://openalex.org/I865915315"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Hochgeurtel, S, Alessie, R J M & van Soest, A 2004, 'Ownership of Stocks and Mutual Funds: A Panel Data Analysis', Review of Economics and Statistics, vol. 84, pp. 783-796. https://doi.org/10.1162/0034653041811761","raw_type":"info:eu-repo/semantics/article"},{"id":"pmh:oai:research.vu.nl:openaire_cris_publications/ad5b5d4b-c6ab-4327-8d89-f46f6123a5c8","doi":null,"is_oa":false,"landing_page_url":"https://research.vu.nl/en/publications/ad5b5d4b-c6ab-4327-8d89-f46f6123a5c8","pdf_url":null,"source":{"id":"https://openalex.org/S4306401107","display_name":"VU Research Portal","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I865915315","host_organization_name":"Vrije Universiteit Amsterdam","host_organization_lineage":["https://openalex.org/I865915315"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Hochguertel, S, Alessie, R J M & van Soest, A 2004, 'Ownership of Stocks and Mutual Funds: A Panel Data Analysis', Review of Economics and Statistics, vol. 86, no. 3, pp. 783-796. https://doi.org/10.1162/0034653041811761","raw_type":"info:eu-repo/semantics/article"},{"id":"pmh:rug:oai:pure.rug.nl:publications/d2a8eb3e-a6cf-4b02-8379-7c5c100f334d","doi":null,"is_oa":false,"landing_page_url":"https://research.rug.nl/en/publications/ownership-of-stocks-and-mutual-funds(d2a8eb3e-a6cf-4b02-8379-7c5c100f334d).html","pdf_url":null,"source":{"id":"https://openalex.org/S4306400420","display_name":"University of Groningen research database (University of Groningen / Centre for Information Technology)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I169381384","host_organization_name":"University of Groningen","host_organization_lineage":["https://openalex.org/I169381384"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Review of Economics and Statistics, 86(3), 783 - 796. MIT Press","raw_type":"info:eu-repo/semantics/other"},{"id":"pmh:vu:oai:research.vu.nl:publications/6312f0df-0171-4a90-af69-cb62556724bc","doi":null,"is_oa":false,"landing_page_url":"https://research.vu.nl/en/publications/6312f0df-0171-4a90-af69-cb62556724bc","pdf_url":null,"source":{"id":"https://openalex.org/S4306401843","display_name":"Data Archiving and Networked Services (DANS)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1322597698","host_organization_name":"Royal Netherlands Academy of Arts and Sciences","host_organization_lineage":["https://openalex.org/I1322597698"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Review of Economics and Statistics, 84, 783 - 796. MIT Press Journals","raw_type":"info:eu-repo/semantics/article"},{"id":"pmh:vu:oai:research.vu.nl:publications/ad5b5d4b-c6ab-4327-8d89-f46f6123a5c8","doi":null,"is_oa":false,"landing_page_url":"https://research.vu.nl/en/publications/ad5b5d4b-c6ab-4327-8d89-f46f6123a5c8","pdf_url":null,"source":{"id":"https://openalex.org/S4306401843","display_name":"Data Archiving and Networked Services (DANS)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1322597698","host_organization_name":"Royal Netherlands Academy of Arts and Sciences","host_organization_lineage":["https://openalex.org/I1322597698"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Review of Economics and Statistics, 86(3), 783 - 796. MIT Press Journals","raw_type":"info:eu-repo/semantics/article"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"display_name":"Partnerships for the goals","id":"https://metadata.un.org/sdg/17","score":0.5600000023841858}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":28,"referenced_works":["https://openalex.org/W1482167656","https://openalex.org/W1496232687","https://openalex.org/W1504998075","https://openalex.org/W1508188673","https://openalex.org/W1545950481","https://openalex.org/W1741133179","https://openalex.org/W1970883168","https://openalex.org/W1984697146","https://openalex.org/W2017244696","https://openalex.org/W2029394297","https://openalex.org/W2040566673","https://openalex.org/W2064325874","https://openalex.org/W2068745433","https://openalex.org/W2101762425","https://openalex.org/W2121099063","https://openalex.org/W2126122503","https://openalex.org/W2130139656","https://openalex.org/W2135033111","https://openalex.org/W2140691933","https://openalex.org/W2147031180","https://openalex.org/W2164212499","https://openalex.org/W2168657798","https://openalex.org/W2169053784","https://openalex.org/W2245848952","https://openalex.org/W2777880265","https://openalex.org/W3125445132","https://openalex.org/W3125656997","https://openalex.org/W4253493491"],"related_works":["https://openalex.org/W7095319852","https://openalex.org/W7047510589","https://openalex.org/W4309240195","https://openalex.org/W2090135618","https://openalex.org/W2105500239","https://openalex.org/W7135843696","https://openalex.org/W7222252488","https://openalex.org/W3163824506","https://openalex.org/W7098743131","https://openalex.org/W2289828144"],"abstract_inverted_index":{"This":[0],"paper":[1],"analyzes":[2],"the":[3,16,33,67,71,101,107],"ownership":[4,59,86,90],"dynamics":[5],"of":[6,36,53,60,84,87,91,103,110],"stocks":[7,88],"and":[8,43,66],"mutual":[9,92],"funds,":[10],"using":[11],"representative":[12],"household":[13],"panel":[14],"data,":[15],"Dutch":[17],"CentER":[18],"Savings":[19],"Survey":[20],"1993\u20131998.":[21],"A":[22,80],"bivariate":[23],"dynamic":[24],"binary-choice":[25],"model":[26],"is":[27,74,94],"introduced,":[28],"allowing":[29],"for":[30,50],"interactions":[31],"between":[32,58],"two":[34,108],"types":[35,52],"assets.":[37,54],"We":[38],"find":[39],"that":[40],"unobserved":[41,78],"heterogeneity":[42],"state":[44],"dependence":[45],"play":[46],"a":[47],"large":[48],"role":[49],"both":[51],"The":[55],"positive":[56],"relation":[57],"one":[61,64],"type":[62,69],"in":[63,70],"period":[65,73],"other":[68],"next":[72],"explained":[75,99],"by":[76,100],"correlated":[77],"heterogeneity.":[79],"negative":[81],"state-dependence":[82],"effect":[83],"lagged":[85],"on":[89],"funds":[93,105],"found,":[95],"which":[96],"can":[97],"be":[98],"costs":[102],"shifting":[104],"across":[106],"forms":[109],"stockholding.":[111]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":3},{"year":2023,"cited_by_count":4},{"year":2022,"cited_by_count":7},{"year":2021,"cited_by_count":2},{"year":2020,"cited_by_count":3},{"year":2019,"cited_by_count":7},{"year":2018,"cited_by_count":5},{"year":2017,"cited_by_count":9},{"year":2016,"cited_by_count":9},{"year":2015,"cited_by_count":9},{"year":2014,"cited_by_count":13},{"year":2013,"cited_by_count":9},{"year":2012,"cited_by_count":11}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2016-06-24T00:00:00"}