Menkhoff, Lukas; Westermann, Jannis - 2024
The low degree of stock market participation (SMP) is one of the big puzzles in finance. Numerous determinants have … discuss arguments put forward regarding specific SMP determinants and the empirical evidence that has been provided. The focus … of our survey is on the identification of a causal impact of determinants on SMP via shocks. We summarize the evidence by …