Trusting the Stock Market
研究缺乏信任如何影响人们是否购买股票以及购买多少，利用荷兰、意大利微观数据和跨国数据，发现信任不足是解释有限参与谜题的重要因素。
ABSTRACT We study the effect that a general lack of trust can have on stock market participation. In deciding whether to buy stocks, investors factor in the risk of being cheated. The perception of this risk is a function of the objective characteristics of the stocks and the subjective characteristics of the investor. Less trusting individuals are less likely to buy stock and, conditional on buying stock, they will buy less. In Dutch and Italian micro data, as well as in cross‐country data, we find evidence consistent with lack of trust being an important factor in explaining the limited participation puzzle.