Matches in SemOpenAlex for { <https://semopenalex.org/work/W2053278715> ?p ?o ?g. }
- W2053278715 abstract "Stock market participation is very low, with approximately two thirds of all U.S. households not owning any public equity. This is a puzzle in the context of the basic Expected Utility model. One explanation put forward in the literature is that stock market participation is low because, in addition to risk, stocks also entail ambiguity and investors are ambiguity averse. We empirically test this hypothesis, measuring stock market participation using equity fund flows and ambiguity with dispersion in analyst forecasts about aggregate market returns. In a multivariate framework our results show that increases in ambiguity are significantly and negatively related to equity fund flows, and thus support the notion that limited market participation is related to ambiguity aversion." @default.
- W2053278715 created "2016-06-24" @default.
- W2053278715 creator A5001459918 @default.
- W2053278715 creator A5009676556 @default.
- W2053278715 creator A5035647982 @default.
- W2053278715 date "2013-01-01" @default.
- W2053278715 modified "2023-09-23" @default.
- W2053278715 title "Ambiguity Aversion and Market Participation: Evidence from Fund Flows" @default.
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- W2053278715 doi "https://doi.org/10.2139/ssrn.2211408" @default.