The costs and beliefs implied by direct stock ownership
This paper develops and estimates an economic model of the costs and beliefs required to rationalize household direct stock ownership. In the model, investors believe they can learn information about individual stock returns through costly research. The model identifies the distributions of both res...
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| Format: | Article |
| Language: | English |
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INFORMS Inst.for Operations Res.and the Management Sciences
2018
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| Online Access: | View Fulltext in Publisher |