The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
The Forgone Gains of Incomplete Portfolios
Open accessAbstract
This article proposes a test for the cost-based explanation of nonparticipation, by estimating a lower bound to the forgone gains of incomplete portfolios; these are in turn a lower bound to the costs that could rationalize nonparticipation in financial markets: high bounds would imply implausibly high costs. Assuming isoelastic utility and a relative risk aversion of three or less, for the stock market I estimate an average lower bound of between 0.7 and 3.3 percent of consumption. Since total annual (observable plus unobservable) participation costs are likely to exceed these bounds, the cost-based explanation is not rejected by this test.
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Citations
Cites
Risk Aversion, Wealth, and Background Risk
Guiso, L., & Paiella, M. (2008) · Journal of the European Economic Association · doi:10.1162/jeea.2008.6.6.1109 · Cited by 1,057
Self-citationBank competition and firm creation
Bonaccorsi di Patti, E., & Dell'Ariccia, G. (2004) · Journal of Money, Credit, and Banking · doi:10.1353/mcb.2004.0011 · Cited by 399
Cited by
Mistrulli, P. E. (2011) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2010.09.018 · Cited by 573
POLITICIANS AT WORK: THE PRIVATE RETURNS AND SOCIAL COSTS OF POLITICAL CONNECTIONS
Cingano, F., & Pinotti, P. (2013) · Journal of the European Economic Association · doi:10.1111/jeea.12001 · Cited by 561
Family succession and firm performance: Evidence from Italian family firms
Cucculelli, M., & Micucci, G. (2008) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2007.11.001 · Cited by 512
Household Finance: An Emerging Field
Guiso, L., & Sodini, P. (2013) · Handbook of the Economics of Finance · doi:10.1016/b978-0-44-459406-8.00021-4 · Cited by 437
PORTFOLIO SELECTION WITH MONOTONE MEAN‐VARIANCE PREFERENCES
Maccheroni, F., Marinacci, M., Rustichini, A., & Taboga, M. (2009) · Mathematical Finance · doi:10.1111/j.1467-9965.2009.00376.x · Cited by 426
Metadata
- Authors
- Paiella, M.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2007-04-13
- Volume
- 20
- Issue
- 5
- Pages
- 1623-1646
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W3124641579
- Cited by
- 228
- References
- 2
- FWCI
- 178.36
- Type
- journal article
- Language
- en
- Open access
- green
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
