We analyze stock market participation in 19 European countries, providing a composite view
of the interplay and relative importance of established participation drivers. We jointly control …

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 …

To understand students' motives in obtaining postgraduate qualifications, we elicit intentions
to pursue postgraduate education and beliefs about its returns in a sample of 1002 …

We examine financial literacy in Germany and its relevance for financial wellbeing. Using
data from the Panel on Household Finances collected in 2021, we show that about 62% of …

We study how individuals' memories of inflation shape their expectations about future
inflation using both surveys and laboratory experiments. Recalling having lived through prior …

We investigate the role played by the social environment in the development of gender
differences in competitiveness and earnings expectations. First, we find that the gender gap …

We provide evidence of the existence of debt aversion and its negative implications for
financial decisions. In a new experimental design where subjects are assigned debt …

Even three decades after the end of communism in Eastern Europe, there are still
observable differences in financial risk and time preferences compared to Western Europe …

We revisit the limited stock market participation puzzle leveraging a qualitative research
approach that is commonly used in many social sciences, but much less so in finance or …

In this article, we study the long-run effect of the Soviet shadow economy on attitudes toward
the market economy and competition in Georgia—a former Soviet republic known for the …