Determinants of stock market participation
这篇综述梳理了股票市场参与的决定因素，基于标准静态投资组合模型构建分析框架，重点通过冲击识别因果效应，总结已确立和可能的决定因素，为未来研究和政策提供参考。
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.