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Equity investment across age cohorts: evidence from COVID-19
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This paper examines the shifts in equity market participation across age cohorts in response
to the exogenous shock of the COVID-19 pandemic, contributing to the field of household
finance. Using the rich Dutch National Bank (DNB) Household Survey, we find a statistically
significant increase in the likelihood of equity participation among younger households
compared to middle-aged ones since the COVID-19 outbreak. Households led by individuals
under 30 experienced an 11.7 percentage point increase in the probability of investing in
equity relative to middle-aged households, while those aged 31 to 45 saw an increase of 4.7
percentage points. We employ alternative estimation methods and new controls.
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Household finance Investment behavior Stock market participation Age cohorts COVID-19 pandemic Exogenous shocks