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PRODID:https://www.diw.de/de/diw_01.c.806339.de/veranstaltungen.html
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UID:diw_01.c.859075.en
LOCATION:Karl Popper Room,DIW Berlin,2.3.020,Anton-Wilhelm-Amo-Strasse 58,10117 Berlin
SUMMARY:Subjective belief formation and stock market participation in Germany
DESCRIPTION:12:30-13:30 // This paper exploits unique variation induced by two information treatments on a sample of German households in 2017 and 2018 to evaluate how subjective belief formation about stock market returns affects stock market participation and portfolio choice. I find that on average the information treatments do not shift individual expectations about returns significantly. Additionally, I show that responses to treatment are highly heterogeneous and that respondents can be classified into three different groups based on how they incorporate the additional information into their beliefs. Lastly, I illustrate that integrating biased beliefs formation in a standard portfolio choice life cycle framework can help to explain a significant part of the anomalies of the households investment behavior like low participation rates and relatively constant risky portfolio shares across age and wealth distribution. 
DTSTART:20221207T113000Z
DTEND:20221207T123000Z
DTSTAMP:20221113T230000Z
URL:https://www.diw.de/en/diw_01.c.859075.en/events/subjective_belief_formation_and_stock_market_participation_in_germany.html
ORGANIZER;CN=Clara Schäper:mailto:cschaeper@diw.de
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