| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5272 |
| DP5272 Searching for Non-Monotonic Effects of Fiscal Policy: New Evidence | |
| Francesco Giavazzi; Marco Pagano; Tullio Jappelli; Marina Benedetti | |
| 发表日期 | 2005-10-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | We 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. |
| 主题 | Financial Economics |
| 关键词 | Stock market participation Trust Portfolio choice |
| URL | https://cepr.org/publications/dp5272 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534151 |
| 推荐引用方式 GB/T 7714 | Francesco Giavazzi,Marco Pagano,Tullio Jappelli,et al. DP5272 Searching for Non-Monotonic Effects of Fiscal Policy: New Evidence. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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