WP 2010-18 Participation Constraints in the Stock Market: Evidence from Unexpected Inheritance due to Sudden Death

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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 »