Determinants of stock market participation | Zendy

Menkhoff Lukas | Zendy; Westermann Jannis | Zendy

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Determinants of stock market participation

Author(s) -

Menkhoff Lukas,

Westermann Jannis

Publication year - 2025

Publication title -

journal of economic surveys

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 1.657

H-Index - 92

eISSN - 1467-6419

pISSN - 0950-0804

DOI - 10.1111/joes.12634

Subject(s) - economics , stock market , financial economics , stock (firearms) , monetary economics , econometrics , engineering , geography , archaeology , mechanical engineering , context (archaeology)

Abstract The low degree of stock market participation (SMP) is one of the big puzzles in finance. Numerous determinants have been proposed. We put these determinants into a structure that is derived from a standard static portfolio model. Then we discuss arguments put forward regarding specific SMP determinants and the empirical evidence that has been provided. The focus of our survey is on the identification of a causal impact of determinants on SMP via shocks. We summarize the evidence by suggesting established and likely SMP determinants and providing an outlook for future research and policy.

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