Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/265069 
Year of Publication: 
2021
Citation: 
[Journal:] Review of Income and Wealth [ISSN:] 1475-4991 [Volume:] 68 [Issue:] 2 [Publisher:] Wiley [Place:] Hoboken, NJ [Year:] 2021 [Pages:] 497-517
Publisher: 
Wiley, Hoboken, NJ
Abstract: 
We present evidence from a repeated survey on risky asset holdings carried out on a representative sample of the German population six times between April and June 2020. Given the size of the Covid‐19 shock, we find little evidence of portfolio rebalancing in April 2020. In May, however, individual investors started buying heavily, parallel to market recovery. The cross‐section shows large differences as young, educated, high income, and risk tolerant investors are net buyers throughout and, thus, benefit from the stock market recovery. Older individuals, parents of young children, and individuals affected by adverse liquidity shocks from Covid‐19 are net sellers. Given the high risk of illness, older people are hit by dual blows to both health and finances.
Subjects: 
risky assets
distributional effects
individual investment behavior
health and income shocks
expected adverse shocks
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article
Document Version: 
Published Version

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