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July 19, 2023

Cluster-Seminar Public Finances and Living Conditions

Stock market participation, remote work, and inequality


July 19, 2023
11:00 bis 12:00 Uhr


Ferdinand Friedensburg Room
DIW Berlin
Room 2.3.001
Mohrenstraße 58
10117 Berlin


Lorenz Meister

Stock market participation jumped upwards in Germany in the year 2020 by about 25%. A major cause for this was the enforced use of remote work. We show this by repeating a benchmark study with demanding data requests and adding remote work to the explanatory variables. Moreover, we implement an instrumental variables estimation based on commuting distance and work-from- home capacity. The transmission channel seems to work via relaxing time constraints. Finally, we use changes in the Theil Index to show that remote work has a distributional effect, as it makes the stock market accessible to a broader population, including lower income groups.