Despite of its importance for the economy, stock ownership by households is poorly under- stood. Recent research has uncovered that expectations of stock market returns by individuals strongly correlate with stock ownership. This paper reports new Öndings from a survey that collected data on...

Recent research has separately uncovered that stock ownership strongly correlates with both expectations and realizations of stock market returns, as well as with measures of financial literacy, ability or trust. This paper reconciles all, and reports new findings from a unique survey containing...