Do memories of highly emotional stock market crashes permanently affect the investment decisions of households? The Initial Public Offerings of Deutsche Telekom during 1996- 2000 provide an optimal base to address this question, as it is known for its emotional character and is reputedly 'the...

Since decades, only one fourth of German households invest in shares. One exception was during the three IPOs from 1996 to 2000 of the Deutsche Telekom, which gave Germans a taste to enter the stock market. However, the fall in the share price shortly after the second IPO, followed by corruption...

Seit Jahrzehnten investiert nur jeder vierte bis fünfte Haushalt in Deutschland in Aktien. Mit den drei Börsengängen der Deutschen Telekom 1996 bis 2000 wurden die Deutschen in Aktienlaune versetzt. Der Kurssturz kurz nach dem zweiten Börsengang, gefolgt von Korruptionsskandalen, beendete...

We study the effects of broadband internet use on the portfolio selection of individual investors. A public program in Norway provides plausibly exogenous variation in internet use. Our instrumental variables estimates show that internet use causes a substantial increase in stock market...

Do memories of highly emotional stock market crashes permanently affect the investment decisions of households? The Initial Public Offerings of Deutsche Telekom during 1996- 2000 provide an optimal base to address this question, as it is known for its emotional character and is reputedly "the...

This paper examines empirically the effect of the level of personal bankruptcy protection in the US on households' demand for financial assets. A Chapter 7 bankruptcy allows protecting the home equity up to a certain limit or "exemption". Previous literature shows that such exemption biases...

In 2020, there were simultaneous increases in the number of private persons participating on the stock market as well as in the number of employees working from home. Indeed, working from home is a robust determinant of stock ownership and partially explains the increase in 2020, with households...

Das Jahr 2020 war durch eine sprunghafte Zunahme der Teilnahme von Privatpersonen am Aktienmarkt gekennzeichnet. Parallel waren auch deutlich mehr Erwerbstätige im Homeoffice. Tatsächlich ist die Nutzung von Homeoffice eine robuste Bestimmungsgröße für Aktienbesitz und erklärt einen Teil...

Despite its importance for the analysis of life-cycle behavior and, in particular, retirement planning, stock ownership by private households is poorly understood. Among other approaches to investigate these puzzles, recent research has started to elicit private households' expectations of stock...

This paper provides new and updated empirical evidence about the stockholding behavior of Italian households. By exploiting Bank of Italy SHIW data, we find that in the period 2000-2004 stock market participation rates declined markedly, in contrast with what happened in other European countries...