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paper focuses on how household investors' disagreements on macroeconomic variables influence market-wide trading volume. We … show that greater belief dispersion among household investors is associated with significantly higher trading volume, even … household investors who are more likely to own stocks has more pronounced effects on trading volume, suggesting a causal …
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This paper studies why investors buy dividend-paying assets and how they time their consumption accordingly. We combine administrative bank data linking customers' consumption transactions and income to detailed portfolio data and survey responses on financial behavior. We find that private...
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We analyse a long panel of households' stock market beliefs to gain insights into the nature of their expectations formation processes. We classify respondents into one of five groups based on their data and estimate group-wise models of expectations formation. Two of the groups are at opposite...
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