Date: 04 March 2026, Wednesday
\nTime: 10.30 \u2013 11.30
\nPlace: MA-330<\/p>\n
“The Accredited Investor Definition, Private Investments, and Wealth Inequality in the US”<\/p>\n
by
\nAras Canipek
\nColombia University<\/p>\n
Abstract
\nI study household finances around the income eligibility rules of the accredited investor definition that allow only high-income households access to private investments. Such investments have recently been linked to higher returns and the increase in wealth inequality. My analysis shows that access to private markets increases private investments. The result provides an answer to an important question in the literature and in politics: differences in private investments are not only caused by differences in abilities and tastes between wealthy and poor households, but also simply by access to private investments. Moreover, I find discontinuities in wealth and returns. Eligible
\nhouseholds exhibit relative increases in the private investments to assets ratio, net wealth, and returns by 6.2pp, 39%, and 1.0pp, respectively. A back-of-the-envelope calculation suggests that the accredited investor definition can explain important parts of recent increases in wealth inequality.<\/p>\n
Bio
\nAras Canipek is a Postdoctoral Researcher at SAFE and Goethe University Frankfurt. He received his PhD in Financial Economics from the University of Konstanz and previously held a postdoctoral position at Columbia Law School and Columbia Business School. His research lies at the intersection of law and finance, with a particular focus on capital markets regulation, corporate governance, bankruptcy law, and entrepreneurial finance. His work studies how legal and regulatory frameworks shape financial markets, firm behavior, and wealth distribution. His research has been presented at major international conferences, including the AEA and AFA, and addresses policy-relevant questions related to investor access, creditor rights, and financial market design.<\/p>\n","protected":false},"excerpt":{"rendered":"
Date: 04 March 2026, Wednesday Time: 10.30 \u2013 11.30 Place: MA-330 “The Accredited Investor Definition, Private Investments, and Wealth Inequality in the US” by Aras Canipek Colombia University Abstract I study household finances around the income eligibility rules of the accredited investor definition that allow only high-income households access to [\u2026] <\/p>\n