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.

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 in financial wealth, and allows us… more »