Imperial College London
Alternate

ProfessorMarcinKacperczyk

Business School

Professor of Finance
 
 
 
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Contact

 

+44 (0)20 7594 2635m.kacperczyk CV

 
 
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Location

 

2.0253 Prince's GateSouth Kensington Campus

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Summary

 

Publications

Citation

BibTex format

@article{Kacperczyk:2019:10.1016/j.jmoneco.2018.11.002,
author = {Kacperczyk, M and Nosal, J and Stevens, L},
doi = {10.1016/j.jmoneco.2018.11.002},
journal = {Journal of Monetary Economics},
pages = {18--31},
title = {Investor sophistication and capital income inequality},
url = {http://dx.doi.org/10.1016/j.jmoneco.2018.11.002},
volume = {107},
year = {2019}
}
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RIS format (EndNote, RefMan)

TY  - JOUR
AB  - Capital income inequality is large and growing fast, accounting for a significant portion of total income inequality. We study its growth in a general equilibrium portfolio choice model with endogenous information acquisition and heterogeneity across household sophistication and asset riskiness. The model implies capital income inequality that grows with aggregate information technology. Investors differentially adjust both the size and the composition of their portfolios, as unsophisticated investors retrench from trading risky securities and shift their portfolios to safer assets. Technological progress also reduces aggregate returns and increases the volume of transactions, features that are consistent with recent U.S. data.
AU  - Kacperczyk,M
AU  - Nosal,J
AU  - Stevens,L
DO  - 10.1016/j.jmoneco.2018.11.002
EP  - 31
PY  - 2019///
SN  - 0304-3932
SP  - 18
TI  - Investor sophistication and capital income inequality
T2  - Journal of Monetary Economics
UR  - http://dx.doi.org/10.1016/j.jmoneco.2018.11.002
UR  - http://hdl.handle.net/10044/1/65009
VL  - 107
ER  -
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