Breunig, Christoph; Huck, Steffen; Schmidt, Tobias; … - In: The Economic Journal 131 (2021) 638, pp. 2413–2446
stock market returns and exhibit desirable external validity at least in one respect: they predict real-life stock market … participation. But many households are unresponsive to an exogenous increase in the risky asset’s return. The data analysis and a …