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Determinants of stock market participation

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Bibliographic Details
Authors and Corporations: Menkhoff, Lukas (Author), Westermann, Jannis (Author)
Other Authors: Westermann, Jannis [Author]
Type of Resource: E-Book
Language: English
published:
Series: Deutsches Institut für Wirtschaftsforschung: Discussion papers ; 2078
Subjects:
stock market participation
transaction costs
information
return volatility
risk tolerance
Graue Literatur
Source: Verbunddaten SWB
Lizenzfreie Online-Ressourcen
Description
Summary: 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.
Physical Description: 1 Online-Ressource (circa 54 Seiten); Illustrationen