Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/25463
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dc.contributor.authorHaliassos, Michaelen_US
dc.contributor.authorReiter, Michaelen_US
dc.date.accessioned2006-08-07en_US
dc.date.accessioned2009-07-24T13:47:43Z-
dc.date.available2009-07-24T13:47:43Z-
dc.date.issued2005en_US
dc.identifier.piurn:nbn:de:hebis:30-23396-
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_US
dc.language.isoengen_US
dc.publisher|aGoethe University, Center for Financial Studies (CFS) |cFrankfurt a. M.en_US
dc.relation.ispartofseries|aCFS Working Paper |x2005/27en_US
dc.subject.jelD1en_US
dc.subject.jelD8en_US
dc.subject.ddc330en_US
dc.subject.keywordStock Market Participationen_US
dc.subject.keywordTrusten_US
dc.subject.keywordPortfolio Choiceen_US
dc.subject.stwPortfolio-Managementen_US
dc.subject.stwAnlageverhaltenen_US
dc.subject.stwVertrauenen_US
dc.subject.stwSchätzungen_US
dc.subject.stwItalienen_US
dc.subject.stwNiederlandeen_US
dc.titleTrusting the stock marketen_US
dc.type|aWorking Paperen_US
dc.identifier.ppn51532633Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:cfswop:200527-

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