European Central Bank - eurosystem
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Kezdőlap Média Kisokos Kutatás és publikációk Statisztika Monetáris politika Az €uro Fizetésforgalom és piacok Karrier
Javaslatok
Rendezési szempont
Magyar nyelven nem elérhető

Daniel Barth

17 March 2014
WORKING PAPER SERIES - No. 1657
Details
Abstract
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
Network
Household Finance and Consumption Network (HFCN)