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We revisit the limited stock market participation puzzle leveraging a qualitative research approach that is commonly used in many social sciences, but much less so in economics or finance. We conduct in-depth interviews of stock market investors and non-investors in Germany, a highincome country...
Persistent link: https://www.econbiz.de/10015164390
We analyze data on stock index forecasts made by private investors. The implied returns calculated from these forecasts exhibit negative skewness and excess kurtosis. Past returns have a positive impact on the implied returns, consistent with investors expecting positive momentum. Females are...
Persistent link: https://www.econbiz.de/10009524805
Persistent link: https://www.econbiz.de/10011539676
Risk-adjusted momentum returns are usually estimated by sorting stocks into a regularly rebalanced long-short portfolio based on their prior return and then running a full-sample regression of the portfolio returns on a set of factors (portfolio-level risk adjustment). This approach implicitly...
Persistent link: https://www.econbiz.de/10012309423
This study examines the impact of investors' buy and sell trades on Korean stock market volatility across two crisis events, the Asian crisis of 1997 and the 2008 global financial crash. We investigate the trading behaviour of domestic vs. foreign and institutional vs. individual investors. Our...
Persistent link: https://www.econbiz.de/10012138660
We revisit the limited stock market participation puzzle leveraging a qualitative research approach that is commonly used in many social sciences, but much less so in finance or economics. We conduct in-depth interviews of stock market participants and non-participants in Germany, a high-income...
Persistent link: https://www.econbiz.de/10015076210
Persistent link: https://www.econbiz.de/10001507562
Persistent link: https://www.econbiz.de/10008667423
Persistent link: https://www.econbiz.de/10008655729
The Eurozone fiscal crisis has created pressure for institutional harmonization, but skeptics argue that cultural predispositions can prevent convergence in behavior. Our paper derives a robust cultural classification of European countries and utilizes unique data on natives and immigrants to...
Persistent link: https://www.econbiz.de/10010372577