This paper provides an overview of disclosure with regard to contributions in favor of and against California's Proposition 8 measure that banned same-sex marriage. Using publicly available data, out-of-state and in-state contributions are mapped, and the geography of California state politics...

A simple asset pricing model with endogenous participation and subjective risk can explain both the negative cross-country correlation between participation rates and the volatility of excess returns along with the time-varying participation rates in the data. Belief-driven learning dynamics are...

Recent evidence suggests that stock market experiences, i.e. realized returns, impact subjective expected returns. I bring a model into the laboratory and find that experience-based subjective expected returns can help explain limited stock market participation. In the experiment, the...