The first is free: do employee stocks incentivize stock market participation?

References

• Andersen, S., and K. M. Nielsen. 2011. “Participation Constraints in the Stock Market: Evidence from Unexpected Inheritance Due to Sudden Death.” Review of Financial Studies 24 (5): 1667–1697. https://doi.org/10.1093/rfs/hhq146.
   Web of Science ®Google Scholar
• Badarinza, C., J. Y. Campbell, and T. Ramadorai. 2016. “International Comparative Household Finance.” Annual Review of Economics 8 (1): 111–144. https://doi.org/10.1146/annurev-economics-080315-015425.
   Google Scholar
• Barberis, N., M. Huang, and R. H. Thaler. 2006. “Individual Preferences, Monetary Gambles, and Stock Market Participation: A Case for Narrow Framing.” American Economic Review 96 (4): 1069–1090. https://doi.org/10.1257/aer.96.4.1069.
   Web of Science ®Google Scholar
• Benartzi, S. 2001. “Excessive Extrapolation and the Allocation of 401(k) Accounts to Company Stock.” The Journal of Finance 56 (5): 1747–1764. https://doi.org/10.1111/0022-1082.00388.
   Web of Science ®Google Scholar
• Calvet, L. E., J. Y. Campbell, and P. Sodini. 2007. “Down or Out: Assessing the Welfare Costs of Household Investment Mistakes.” Journal of Political Economy 115 (5): 707–747. http://doi.org/10.1086/524204.
   Web of Science ®Google Scholar
• Cameron, A. C., and P. K. Trivedi. 2005. Microeconometrics: Methods and Applications. Cambridge: Cambridge University Press.
   Google Scholar
• Cameron, A. C., and P. K. Trivedi. 2010. Microeconometrics Using Stata. College Station, TX: Stata Press.
   Google Scholar
• Christelis, D., D. Georgarakos, and M. Haliassos. 2011. “Stockholding: Participation, Location, and Spillovers.” Journal of Banking & Finance 35 (8): 1918–1930. https://doi.org/10.1016/j.jbankfin.2010.12.012.
   Web of Science ®Google Scholar
• Døskeland, T. M., and H. K. Hvide. 2011. “Do Individual Investors Have Asymmetric Information Based on Work Experience?” The Journal of Finance 66 (3): 1011–1041. https://doi.org/10.1111/j.1540-6261.2011.01658.x.
   Web of Science ®Google Scholar
• Garlappi, L., R. Uppal, and T. Wang. 2007. “Portfolio Selection with Parameter and Model Uncertainty: A Multi-Prior Approach.” Review of Financial Studies 20 (1): 41–81. https://doi.org/10.1093/rfs/hhl003.
   Web of Science ®Google Scholar
• Guiso, L., P. Sapienza, and L. Zingales. 2008. “Trusting the Stock Market.” The Journal of Finance 63 (6): 2557–2600. https://doi.org/10.1111/j.1540-6261.2008.01408.x.
   Web of Science ®Google Scholar
• Hausman, J., and D. McFadden. 1984. “Specification Tests for the Multinomial Logit Model.” Econometrica 52 (5): 1219–1240. https://doi.org/10.2307/1910997.
   Web of Science ®Google Scholar
• Hurd, M., M. van Rooij, and J. Winter. 2011. “Stock Market Expectations of Dutch Households.” Journal of Applied Econometrics 26 (3): 416–436. https://doi.org/10.1002/jae.1242.
   Web of Science ®Google Scholar
• Keane, M. P. 1992. “A Note on Identification in the Multinomial Probit Model.” Journal of Business & Economic Statistics 10 (2): 193–200. https://doi.org/10.1080/07350015.1992.10509898.
   Web of Science ®Google Scholar
• Kieschnick, R., and B. D. McCullough. 2003. “Regression Analysis of Variates Observed on (0, 1): Percentages, Proportions and Fractions.” Statistical Modelling 3 (3): 193–213. https://doi.org/10.1191/1471082X03st053oa.
   Web of Science ®Google Scholar
• Mitchell, O. S., and S. P. Utkus. 2003. Lessons from Behavioral Finance for Retirement Plan Design (SSRN Scholarly Paper No. 464640). Social Science Research Network.
   Google Scholar
• Neergaard, S. F. 2023. Flere unge kom på aktiemarkedet under COVID-19. Retrieved February 27, 2024, from https://www.dst.dk/da/Statistik/nyheder-analyser-publ/bagtal/2023/2023-04-20-flere-unge-paa-aktiemarkedet-under-covid-19.
   Google Scholar
• Pagel, M. 2018. “A News-Utility Theory for Inattention and Delegation in Portfolio Choice.” Econometrica 86 (2): 491–522. https://doi.org/10.3982/ECTA14417.
   Web of Science ®Google Scholar
• Papke, L. E., and J. M. Wooldridge. 1996. “Econometric Methods for Fractional Response Variables with an Application to 401(k) Plan Participation Rates.” Journal of Applied Econometrics 11 (6): 619–632.
   Web of Science ®Google Scholar
• Pohlmeier, W., and V. Ulrich. 1995. “An Econometric Model of the Two-Part Decisionmaking Process in the Demand for Health Care.” The Journal of Human Resources 30 (2): 339–361. https://doi.org/10.2307/146123.
   Web of Science ®Google Scholar
• Poterba, J. M. 2003. “Employer Stock and 401(k) Plans.” American Economic Review 93 (2): 398–404. https://doi.org/10.1257/000282803321947416.
   Web of Science ®Google Scholar
• Ramalho, J. J. S. , and J. V. da Silva. 2009. “A Two-part Fractional Regression Model for the Financial Leverage Decisions of Micro, Small, Medium and Large Firms.” Quantitative Finance 9 (5): 621–636. http://doi.org/10.1080/14697680802448777.
   Web of Science ®Google Scholar
• Statistics Denmark. 2021. Mænd og kvinder har forskellige tilgange til investeringer i aktier. Retrieved February 27, 2024, from https://www.dst.dk/da/Statistik/nyheder-analyser-publ/bagtal/2021/2021-03-18-Maend-og-kvinder-har-forskellige-tilgange-til-investering-i-aktier.
   Google Scholar
• van Rooij, M., A. Lusardi, and R. Alessie. 2011. “Financial Literacy and Stock Market Participation.” Journal of Financial Economics 101 (2): 449–472. https://doi.org/10.1016/j.jfineco.2011.03.006.
   Web of Science ®Google Scholar
• Vissing-Jorgensen, A. 2003. “Perspectives on Behavioral Finance: Does “Irrationality” Disappear with Wealth? Evidence from Expectations and Actions.” NBER Macroeconomics Annual 18: 139–194. https://doi.org/10.1086/ma.18.3585252.
   Web of Science ®Google Scholar
• Walker, J. 2002. “Mixed Logit (or Logit Kernel) Model: Dispelling Misconceptions of Identification.” Transportation Research Record 1805(1): 86–98. https://doi.org/10.3141/1805-11.
   Google Scholar
• Wooldridge, J. M. 2010. Econometric Analysis of Cross Section and Panel Data. Cambridge, MA: MIT Press.
   Google Scholar