Anecdotal evidence suggests that investor protection affects the demand for equity, but existing theories emphasize only the effect of investor protection on the supply of equity. We build a model showing that the demand for equity is important in explaining financial development. If the level...

Damit erneuerbare Energien ihr Marktpotential ausschöpfen und einen Beitrag zum Erreichen der Klimaziele leisten, muss die Kooperation zwischen öffentlichen und privaten Akteuren verstärkt werden. Die politischen Rahmenbedingungen spielen sowohl für das Vertrauen der Investoren als auch für...

This paper documents the share of investable wealth that middle-class U.S. investors hold in the stock market over their working lives. This share rises modestly early in life and falls significantly as people approach retirement. Prior to 2000, the average investor held less of their investable...