Bernt Arne Odegaard
Bernt Arne Odegaard: UiS, Postal: University of Stavanger, NO-4036 Stavanger, Norway
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.
22 pages, March 30, 2017
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