89 (January 2003), pp. 1-32, and Federal Reserve Board staff calculations from the Survey of Consumer Finances. See also Investment Company Institute and Securities Industry Association (ICI and SIA), Equity Ownership in America, 2002. 13  Aizcorbe, Kennickell, and Moore, "Recent Changes in U.S. Family Finances: Evidence from the 1998 and 2001 Survey of Consumer Finances."
14  ICI and SIA, Equity Ownership in America. 15  ICI and SIA, Equity Ownership in America. So, as Americans have been purchasing most of their stock indirectly through institutional investors, the responsibilities for active monitoring of corporate management and governance mechanisms have been shifting to institutions. There's good news, bad news, and some promising news to report about this trend.