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...

We conduct a web-based experiment in which we elicit the recommendations of professional and lay advisors on the risky portfolio share of randomly assigned vignettes of investors. Both professionals and lay advisors respond to investor characteristics broadly in agreement with portfolio theory,...

We investigate, using the 2002 US Health and Retirement Study, the factors influencing individuals' insecurity and expectations about terrorism, and study the effects these last have on households' portfolio choices and spending patterns. We find that females, the religiously devout, those...