经济
繁荣
衡平法
股票市场
坠落(事故)
库存(枪支)
股东
货币经济学
微观经济学
金融经济学
财务
马
法学
古生物学
工程类
环境卫生
环境工程
生物
机械工程
医学
公司治理
政治学
标识
DOI:10.1017/s0022109000001873
摘要
Abstract I investigate whether changes in stock market participation costs can explain the long-term increase in the number of U.S. stockholders. I separate these costs into two components: an information cost (the cost of collecting market information), and an entry cost (all other costs, including commissions and fees), and disentangle their general equilibrium implications in a noisy rational expectations economy. While a falling information cost cannot explain the observed increase in stock market participation, a falling entry cost can account for this plus several other features of the U.S. economy, including the falling equity premium, rising return variances, and the boom in passive relative to active investing.
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