Determinants of stock market participation-Reference-Cited by-同舟云学术

Determinants of stock market participation

Published:2024-05-10 Issue: Volume: Page:
ISSN:0950-0804
Container-title:Journal of Economic Surveys
language:en
Short-container-title:Journal of Economic Surveys

Author:

Menkhoff Lukas¹²^ORCID,Westermann Jannis³

Affiliation:

1. German Institute for Economic Research Berlin, Department of Macroeconomics Humboldt‐Universität zu Berlin Berlin Germany

2. Kiel Institute for the World Economy Kiel Germany

3. Humboldt‐Universität zu Berlin School of Business and Economics Berlin Germany

Abstract

AbstractThe 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.

Publisher

Wiley

Link

https://onlinelibrary.wiley.com/doi/pdf/10.1111/joes.12634

Reference87 articles.

1. Agarwal S. Ayyagari M. Cheng Y. &Gosh P.(2021).Road to stock market participation. Working Paper. Retrieved from SSRN:https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3897168

2. Political Uncertainty and Household Stock Market Participation

3. Gender, stock market participation and financial literacy

4. Ameriks J. &Zeldes S.(2004).How do household portfolio shares vary with age? Retrieved May 15 2023 fromhttps://www0.gsb.columbia.edu/mygsb/faculty/research/pubfiles/16/Ameriks_Zeldes_age_Sept_2004d.pdf

5. Participation Constraints in the Stock Market: Evidence from Unexpected Inheritance Due to Sudden Death