Stockholding Behavior of U.S. Households: Evidence from the 1983–1989 Survey of Consumer Finances
用1983-1989年消费者金融调查数据，发现家庭不持股是因为信息成本高；风险厌恶低、教育高、财富多的家庭更可能进入股市，反之则退出。
Most households persistently invest in riskless assets but not stocks, and may do so because they perceive information required for market participation to be costly relative to expected benefits. In a Consumption Capital Asset Pricing Model (CCAPM) increased risk aversion, income risk, and lower resources reduce the information expense sufficient to deter stockholding. Bivariate probit analysis using the 1983-1989 Survey of Consumer Finances shows that households with lower risk aversion, higher education, and greater wealth who were nonstockholders in 1983 had an increased conditional probability of entering by 1989, whereas 1983 stockholders with lower resources, more limited education, and greater risk aversion were more likely to be nonstockholders by 1989. © 1998 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology