Richest Americans first to sell off stocks during 2008-09 market meltdown
"The Super Rich Were the First to Bail During the Financial Crisis" - Bloomberg. 5/3/2016.
University of Michigan economists mapped selling patterns in recent US financial crises and found the share of selling by the richest .1% of Americans rose sharpest in days following market volatility. As one researcher put it: “Very, very high income people are disproportionately likely to sell a bunch of stock during a financial crisis.” This work could help identify behavioral biases that feed market meltdowns.