Awareness and Stock Market Participation

Luigi Guiso () and Tullio Jappelli ()

No 2005/29, CFS Working Paper Series from Center for Financial Studies

Abstract: The paper documents lack of awareness of financial assets in the 1995 and 1998 Bank of Italy Surveys of Household Income and Wealth. It then explores the determinants of awareness, and finds that the probability that survey respondents are aware of stocks, mutual funds and investment accounts is positively correlated with education, household resources, long-term bank relations and proxies for social interaction. Lack of financial awareness has important implications for understanding the stockholding puzzle and for estimating stock market participation costs.

Keywords: Financial Information; Portfolio Choice (search for similar items in EconPapers)
JEL-codes: E2 D8 G1 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-fin, nep-fmk and nep-mac
Date: Written
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Related works:
Working Paper: Awareness and Stock Market Participation (2003)
Working Paper: Awareness and Stock Market Participation (2004)
Journal Article: Awareness and Stock Market Participation (2005)
Journal Article: Awareness and Stock Market Participation (2005)
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Persistent link: http://EconPapers.repec.org/RePEc:cfs:cfswop:wp200529

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