Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/323821 
Year of Publication: 
2024
Citation: 
[Journal:] Journal of Economic Surveys [ISSN:] 1467-6419 [Volume:] 39 [Issue:] 3 [Publisher:] Wiley [Place:] Hoboken, NJ [Year:] 2024 [Pages:] 953-979
Publisher: 
Wiley, Hoboken, NJ
Abstract: 
The low degree of stock market participation (SMP) is one of the big puzzles in finance. Numerous determinants have been proposed. We put these determinants into a structure that is derived from a standard static portfolio model. Then we discuss arguments put forward regarding specific SMP determinants and the empirical evidence that has been provided. The focus of our survey is on the identification of a causal impact of determinants on SMP via shocks. We summarize the evidence by suggesting established and likely SMP determinants and providing an outlook for future research and policy.
Subjects: 
information
return volatility
risk tolerance
stock market participation
transaction costs
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article
Document Version: 
Published Version

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