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dc.contributor.authorHaliassos, Michaelen
dc.contributor.authorReiter, Michaelen
dc.date.accessioned2006-08-07-
dc.date.accessioned2009-07-24T13:47:43Z-
dc.date.available2009-07-24T13:47:43Z-
dc.date.issued2005-
dc.identifier.piurn:nbn:de:hebis:30-23396en
dc.identifier.urihttp://hdl.handle.net/10419/25463-
dc.description.abstractWe provide a new explanation to the limited stock market participation puzzle. In deciding whether to buy stocks, investors factor in the risk of being cheated. The perception of this risk is a function not only of the objective characteristics of the stock, but also of the subjective characteristics of the investor. Less trusting individuals are less likely to buy stock and, conditional on buying stock, they will buy less. The calibration of the model shows that this problem is sufficiently severe to account for the lack of participation of some of the richest investors in the United States as well as for differences in the rate of participation across countries. We also find evidence consistent with these propositions in Dutch and Italian micro data, as well as in cross country data.en
dc.language.isoengen
dc.publisher|aGoethe University Frankfurt, Center for Financial Studies (CFS) |cFrankfurt a. M.en
dc.relation.ispartofseries|aCFS Working Paper |x2005/27en
dc.subject.jelD1en
dc.subject.jelD8en
dc.subject.ddc330en
dc.subject.keywordStock Market Participationen
dc.subject.keywordTrusten
dc.subject.keywordPortfolio Choiceen
dc.subject.stwPortfolio-Managementen
dc.subject.stwAnlageverhaltenen
dc.subject.stwVertrauenen
dc.subject.stwSchätzungen
dc.subject.stwItalienen
dc.subject.stwNiederlandeen
dc.titleTrusting the stock market-
dc.typeWorking Paperen
dc.identifier.ppn51532633Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cfswop:200527en

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