Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/154090 
Autor:innen: 
Erscheinungsjahr: 
2014
Schriftenreihe/Nr.: 
ECB Working Paper No. 1657
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
This paper develops a structural model of the costs and beliefs required to rationalize household direct stock ownership. In the model, households believe they can learn information about individual stock returns through costly research. The model provides a novel explanation for many empirical features of household portfolios. Further, the model identifies the distributions of both household research costs and household beliefs about the predictability of individual stock returns. Identification depends only on households’ wealth and portfolio choices. Parameter estimates suggest that most households have modest beliefs about the benefits of individual stock research, although a minority must expect extraordinary returns.
Schlagwörter: 
direct stock ownership
household beliefs
research costs
under-diversification
JEL: 
G02
G11
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
936.05 kB





Publikationen in EconStor sind urheberrechtlich geschützt.