WP 2010-18 Participation Constraints in the Stock Market: Evidence from Unexpected Inheritance due to Sudden Death
Published in 2011 in The Review of Financial Studies, Volume 24, Issue 5.
AUTHORS: Steffen Andersen and Kasper Meisner Nielsen
ABSTRACT. We use a natural experiment to investigate the impact of participation constraints on individuals' decisions to invest in the stock market. Unexpected inheritance due to sudden deaths results in exogenous variation… more »