UiS Working Papers in Economics and Finance
Bernt Arne Odegaard
How long do equity owners hang on to their stocks?
Abstract: We characterize the equity holding periods for all equity
owners in a stock market over a 15 year period. The median holding period
is 0.75 years. The hazard function for equity ownership is characterized by
negative aging, an equity owner is less and less likely to realize a
position as time passes. There are clear differences between owner types,
where private individuals have the longest holding periods, and financial
owners are the least patient. Wealthier households have shorter holding
periods. Using turnover to estimate holding periods severely over-estimates
actual holding periods.
Keywords: Equity Holding period; Duration; Failure Time; Survival; (follow links to similar papers)
JEL-Codes: D14; G11; G12; (follow links to similar papers)
22 pages, March 30, 2017
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