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Awareness and stock market participation

Guiso, Luigi and Jappelli, Tullio (2005) Awareness and stock market participation. Review of Finance, Vol. 9 (4), p. 537-567. eISSN 1573-692X. Article.

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DOI: 10.1007/s10679-005-5000-8

Abstract

The paper documents lack of awareness of financial assets in the 1995 and 1998 Bank of Italy Surveys of Household Income and Wealth. It then explores the determinants of awareness, and finds that the probability that survey respondents are aware of stocks, mutual funds and investment accounts is positively correlated with education, household resources, long-term bank relations and proxies for social interaction. Lack of financial awareness has important implications for understanding the stockholding puzzle and for estimating stock market participation costs.

Item Type:Article
ID Code:2831
Status:Published
Refereed:Yes
Uncontrolled Keywords:Financial asset, household resources, stock market participation
Subjects:Area 13 - Scienze economiche e statistiche > SECS-P/01 Economia politica
Divisions:001 Università di Sassari > 01 Dipartimenti > Economia, impresa, regolamentazione
Publisher:Springer
eISSN:1573-692X
Deposited On:26 Aug 2009 10:14

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