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- 17 March 2014
- WORKING PAPER SERIES - No. 1657Details
- This paper develops a structural model of the costs and beliefs required to rationalize household direct stock ownership. In the model, households believe they can learn information about individual stock returns through costly research. The model provides a novel explanation for many empirical features of household portfolios. Further, the model identifies the distributions of both household research costs and household beliefs about the predictability of individual stock returns. Identification depends only on households
- JEL Code
- G02 : Financial Economics→General→Behavioral Finance: Underlying Principles
G11 : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions
- Household Finance and Consumption Network (HFCN)