Notes
1. For instance in the USA, the UK, and Australia, the stock market participation has rapidly
risen, during 1980s-2000s, from about 10 or 20 per cent to even half of the population. In the
USA, the share of families owning shares directly or indirectly (through, e.g. various
retirement vehicles) went up from 19 per cent in 1983 to 49 per cent by the 2000s (Aizcorbe
et al., 2003; ICI (Investment Company Institute) and SCA (Securities Industry Association),
2002) and in the UK from 9 per cent in 1978 to 34 per cent in 2000 (Mun˜ oz, 2006). In Australia,
in turn, the share of individuals with direct shareholdings increased from 10 per cent in 1991
to 44 per cent in 2004 (Reserve Bank of Australia, 1997; Australian Stock Exchange, 2005).
2. In some cases, the significance of one individual’s support is significant also objectively from
the firm perspective – when, e.g. a wealthy individual makes a seed investment in a start-up