Trust, sociability, and stock market participation

Review of Finance

Volumn 15, Issue 4, 2011, Pages 693-725

  Georgarakos, Dimitris ^a   Pasini, Giacomo ^b  

^a GOETHE UNIVERSITY   (Germany)

^b CA' FOSCARI UNIVERSITY OF VENICE   (Italy)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 80054055050     PISSN: 15723097     EISSN: 1573692X     Source Type: Journal    
DOI: 10.1093/rof/rfr028     Document Type: Article

References (41)

1. Ai, C. and Norton, E. (2003) Interaction terms in logit and probit models, Economics Letters 80, 123-129. (Pubitemid 36598410)
2. Brambor, T., Clark, W., and Golder, M. (2005) Understanding interaction models: improving empirical analysis, Political Analysis 13, 1-20.
3. Brown, J., Ivkovic, Z., Smith, P., and Weisbenner, S. (2008) Neighbors matter: causal community effects and stock market participation, Journal of Finance 63, 1509-1531.
4. Burbidge, J. B., Magee, L., and Robb, L. A. (1988) Alternative transformations to handle extreme values of the dependent variable, Journal of the American Statistical Association 83, 123-127.
5. Calvó-Armengol, A., Patacchini, E., and Zenou, Y. (2009) Peer effects and social networks in education, Review of Economic Studies 76, 1239-1267.
6. Campbell, J. Y. (2006) Household finance, Journal of Finance 61, 1553-1604. (Pubitemid 44181325)
7. Christelis, D., Georgarakos, D., and Haliassos, M. (2010) Differences in portfolios across countries: economic environment vs. household characteristics, CEPR Discussion Paper No. 8017.
8. Christelis, D., Jappelli, T., and Padula, M. (2010) Cognitive abilities and portfolio choice, European Economic Review 54, 18-38.
9. Duflo, E. and Saez, E. (2002) Participation and investment decisions in a retirement plan: the influence of colleagues' choices, Journal of Public Economics 85, 121-148.
10. Durlauf, S. N. and Fafchamps, M. (2004) Social capital, NBER Working Paper No. 10485.
11. Ekinci, M. F., Kalemli-Ozcan, S., and Sorensen, B. E. (2007) Financial integration within EU countries: the role of institutions, confidence and trust, in: H. Clarida, J.A. Frankel, F. Giavazzi, and K.D. West, (eds.), NBER International Seminar on Macroeconomics, The University of Chicago Press, Chicago, pp. 325-400.
12. Fehr, E. (2009) On the economics and biology of trust, Journal of the European Economic Association 7, 235-266.
13. Giannetti, M. and Koskinen, Y. (2010) Investor protection, equity returns, and financial globalization, Journal of Financial and Quantitative Analysis 45, 135-168.
14. Glaeser, E. L., Laibson, D., Scheinkman, J., and Soutter, C. (2000) Measuring trust, Quarterly Journal of Economics 115, 811-846.
15. Granovetter, M. S. (1973) The strength of weak ties, American Journal of Sociology 78, 1360-1380.
16. Guiso, L., Haliassos, M., and Jappelli, T. (2002) Household Portfolios, MIT Press, Cambridge, Massachusetts.
17. Guiso, L. and Jappelli, T. (2005) Awareness and stock market participation, Review of Finance 9, 537-567. (Pubitemid 41698001)
18. Guiso, L., Sapienza, P., and Zingales, L. (2004) The role of social capital in financial development, American Economic Review 94, 526-556. (Pubitemid 39057039)
19. Guiso, L., Sapienza, P., and Zingales, L. (2008) Trusting the stock market, Journal of Finance 63, 2557-2600.
20. Haliassos, M. and Bertaut, C. (1995) Why do so few hold stocks?, Economic Journal 105, 1110-1129.
21. Hong, H., Kubik, J. D., and Stein, J. C. (2004) Social interaction and stock-market participation, Journal of Finance 59, 137-163. (Pubitemid 38389593)
22. Islam, M. K., Merlo, J., Kawachi, I., Lindström, M., and Gerdtham, U. (2006) Social capital and health: does egalitarianism matter? A literature review, International Journal for Equity in Health 5, 1-28.
23. Jackson, M. O. (2006) The Economics of Social Networks, in: R. Blundell, W. Newey, and T. Persson, (eds.), Advances in Economics & Econometrics, Theory & Applications: Ninth World Congress of the Econometric Society, Vol. 1. Cambridge University Press, Cambridge, pp. 1-156.
24. Knack, S. and Keefer, P. (1997) Does social capital have an economic payoff? A cross-country investigation, Quarterly Journal of Economics 112, 1251-1288.
25. La Porta, R., Lopez-De-Silanes, F., and Shleifer, A. (2006) What works in securities laws?, Journal of Finance 61, 1-32. (Pubitemid 43425511)
26. Madrian, B. and Shea, D. (2000) Peer effects and savings behavior in employer-sponsored savings plans. Working paper, University of Chicago.
27. Mankiw, N. G. and Zeldes, S. P. (1991) The consumption of stockholders and nonstockholders, Journal of Financial Economics 29, 97-112.
28. Manski, C. F. (1993) Identification of endogenous social effects: the reflection problem, Review of Economic Studies 60, 531-542.
29. Moulton, B. R. (1990) An illustration of a pitfall in estimating the effects of aggregate variables on micro unit, Review of Economics and Statistics 72, 334-338.
30. Newton, K. (2001) Trust, social capital, civil society, and democracy, International Political Science Review 22, 210-214.
31. Pence, K. (2006) The role of wealth transformations: an application to estimating the effect of tax incentives on saving, Contributions to Economic Analysis and Policy 5, 1-24.
32. Putnam, R. D. (2000) Bowling Alone: The Collapse and Revival of American Community, Simon & Schuster, New York.
33. Putman, R. D., Leonardi, R., and Nanetti, R. Y. (1993) Making Democracy Work, Civic Traditions in Modern Italy. Princeton University Press, Princeton.
34. Rivers, D. and Vuong, Q. H. (1988) Limited information estimators and exogeneity tests for simultaneous probit models, Journal of Econometrics 39, 347-366.
35. Rosen, H. S. and Wu, S. (2004) Portfolio choice and health status, Journal of Financial Economics 72, 457-484. (Pubitemid 38670686)
36. Rostila, M. (2007) Social capital and health in European welfare regimes: a multilevel approach, Journal of European Social Policy 17, 223-239. (Pubitemid 47098023)
37. Rubin, D. B. (1987) Multiple Imputation for Nonresponse in Surveys. J. Wiley & Sons, New York.
38. Tabellini, G. (2010) Culture and institutions: economic development in the regions of Europe, Journal of the European Economic Association 8, 677-716.
39. Vega-Redondo, F. (2006) Building up social capital in a changing world, Journal of Economics Dynamics and Control 30, 2305-2338. (Pubitemid 44340556)
40. Vissing-Jorgensen, A. (2004) Perspectives on Behavioral Finance: Does Irrationality Disappear with Wealth? Evidence from Expectations and Actions, MIT Press, Cambridge, Massachusetts, NBER Macroeconomics Annual.
41. Wooldridge, J. (2002) Econometric Analysis of Cross Section and Panel Data, MIT Press, Cambridge, Massachusetts.