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Holdings Of Equity By Households In Austria Derived From Register Data – Compilation And Analytical Use OECD Working Party on Financial Statistics Paris, 29.11.-1.12.2010 Based on a paper by Michael Andreasch, Pirmin Fessler and Martin Schürz

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  1. Holdings Of Equity By Households In Austria Derived From Register Data – Compilation And Analytical Use OECD Working Party on Financial Statistics Paris, 29.11.-1.12.2010 Based on a paper by Michael Andreasch, Pirmin Fessler and Martin Schürz Presented by Michael Andreasch (michael.andreasch@oenb.at)

  2. Outline • Motivation • Data (Data sources), Definitions and Compilation • Results for Individuals • Comparison Survey Data and Register Data

  3. Work has been elaborated against the background … • To date, research on household wealth has seldom focused on households´ business equity holdings • Micro data allow both the compilation of macro data in the framework of financial accounts data and the analysis of distribution of wealth based on equity holdings • Find a better understanding on the financial behaviour of companies determined by holdings of households

  4. The Distribution Of (Other) Equity In Austrian Companies 3% of householdsown other equity Other Equity: 6% of total financial assets in comparison to:10-15% hold securities53% have life insurance contractsnearly 100% have saving accounts in comparison to:22% are securities14% are life insurance contracts44% are saving accounts

  5. Importance of Equity • From the perspective of distribution:Such equity holdings are highly concentrated even within this group of investor households, who are characterised by above-average income and wealth • In view of the tightened refinancing conditions:A comprehensive grasp on equity proves particularly relevant

  6. Equity Holdings In The Financial Accounts DataData Sources • Holdings of listed and unlisted shares: • Securities by securities information system based on custodian reports of domestic banks and direct reporting by end-investors (alternatively) • Other equity holdings (limited liability companies): • Company Register information on all enterprises including nominal capital and distribution of holdings of owners as well as characteristics (like industry, place…) • Commercial data base on individual capital components and other important items of the balance sheet 

  7. Compilation • Linkage of these data sources via the Company Register number • Calculation of the nominal to total equity ratio for each company (even if it is negative) • Equally distributed among all holders • For equity stakes that are recorded in the Company Register only: we use the nominal capital • For equity that is recorded in the commercial database only: exclusion from the compilation.

  8. Data On Equity In Austrian Limited Liability Companies1 • Individuals • 128,353 equity stakes traceable to individuals • 105,471 persons in the data set • Average value of equity stakes: EUR 144,722 • Median value of equity stakes: EUR 17,850 1 Data derived from the results of 2005.

  9. Distribution of Total Equity Stakes of Individuals1 • We sum up all equity stakes of an individual • Mean: 176,084 Euro ; Median: 19,350 Euro • Around 14% with negative values • Around 5% with values over 500,000 Eurorepresenting 82% of the total volume • Around 2,5% with values over 1 Million Euro • Top Values of more than one billion Euro 1 Data derived from the results of 2005.

  10. Motivation – In View Of The Ongoing Work Towards HFCS

  11. Comparison with Survey Data – Descriptives • Extremely low share of business equity interests • No precise estimation possible(n=59) • But how well is distrbution covered by the few observations resulting from the survey?

  12. Thank you for your attention

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