income inequality and security market

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1、IncomeInequalityandSecurityMarketACADEMIAJuEneCONOMICPAPERSINCOMEINEQUALLITenYkAuNoDHuSECURITYMARKET??ABSTRACTWitnessingtheclearascendancyofprivateenterprisealongsideatendencyforitsownershipbenefitstoflowintothehandsofafew,weexaminehowthisdramaticshiftinownershippatternrela

2、testooursecuritymarket.Drawinguponatwo-periodtwo-assetconsumptioninvestmentmodel,weconcludethattheexistenceofasecuritymarketwillunambiguouslyreducethevarianceofwealthdistributionunlesssomecreditconstraintisimposedonpoorinvestorswhilethewealthycanunlimitedlyselltheirsecuriti

3、esshortinthebearmarket.Ifashortsaleisalsobannedonthewealthyinvestors,thenweneedtoresorttoinvestors’heterogeneousbeliefsoftheprospectofriskyinvestmentasthelegitimatereasonforincomeinequality.Tostemthedeteriorationofawideningwealthgap,amoredirectandfairinformationdisclosureme

4、chanismhastobeinstalled.Anempiricalstudybasedonthismodelisthusconducted.Keywords:Incomeinequality,Securitymarket,Riskneutralprobability,Creditconstraint,Heterogeneousbelief??cKPonraonaofdnheucssicisautolinlrnygginsUutthpnehpiveoeermDrtsepiedtipyrabicortyafmlAepnptlioefdISnc

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