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Cambridge Endowment for Research in Finance (CERF)


Chryssi Giannitsarou

Title of research: Learning, Networks and Stock Market Participation

Recent empirical literature documents that relative to middle-aged investors, young agents are broadly uninformed about stock market performance and tend to be agnostic about future stock market returns. This suggests a clear link between age, the information used to form subjective expectations about future stock market performance and stock market participation. This research programme provides a theoretical framework that is consistent with these findings whereby agents start their lives with no information about the stock market. As young agents grow older, they accumulate information in two ways: by participating in the stock market and by social interactions, which they use to update their beliefs about stock market performance, in line with the evidence.

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