{"id":"https://openalex.org/W2000926137","doi":"https://doi.org/10.1007/s10679-004-2545-x","title":"Heterogeneity in Financial Market Participation: Appraising its Implications for the C-CAPM","display_name":"Heterogeneity in Financial Market Participation: Appraising its Implications for the C-CAPM","publication_year":2004,"publication_date":"2004-01-01","ids":{"openalex":"https://openalex.org/W2000926137","doi":"https://doi.org/10.1007/s10679-004-2545-x","mag":"2000926137"},"language":"en","primary_location":{"id":"doi:10.1007/s10679-004-2545-x","doi":"https://doi.org/10.1007/s10679-004-2545-x","is_oa":false,"landing_page_url":"https://doi.org/10.1007/s10679-004-2545-x","pdf_url":null,"source":{"id":"https://openalex.org/S49857371","display_name":"European Finance Review","issn_l":"1382-6662","issn":["1382-6662","1573-692X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","cwts-core","fnege-1","poland-140"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Review of Finance","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5017689769","display_name":"Monica Paiella","orcid":"https://orcid.org/0000-0002-3670-8954","observed_orcids":["https://orcid.org/0000-0002-3670-8954"]},"institutions":[{"id":"https://openalex.org/I103737770","display_name":"Bank of Italy","ror":"https://ror.org/03v2nbx43","country_code":"IT","type":"other","lineage":["https://openalex.org/I103737770"]}],"countries":["IT"],"is_corresponding":true,"raw_author_name":"Monica Paiella","raw_affiliation_strings":["Bank of Italy, Economic Research Department"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Bank of Italy, Economic Research Department","institution_ids":["https://openalex.org/I103737770"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5017689769"],"corresponding_institution_ids":["https://openalex.org/I103737770"],"apc_list":{"value":4487,"currency":"EUR","value_usd":5071},"apc_paid":null,"fwci":45.4841,"has_fulltext":true,"cited_by_count":123,"citation_normalized_percentile":{"value":0.99785319,"is_in_top_1_percent":true,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":87,"max":96},"biblio":{"volume":"8","issue":"3","first_page":"445","last_page":"480"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9746000170707703,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9746000170707703,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.007799999788403511,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10517","display_name":"Financial Literacy, Pension, Retirement Analysis","score":0.0066999997943639755,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/consumption-based-capm","display_name":"consumption-based CAPM","score":0.7860000133514404},{"id":"https://openalex.org/keywords/equity-premium-puzzle","display_name":"equity premium puzzle","score":0.878000020980835},{"id":"https://openalex.org/keywords/risk-aversion","display_name":"risk aversion","score":0.8309999704360962},{"id":"https://openalex.org/keywords/hansen-jagannathan-bound","display_name":"Hansen-Jagannathan bound","score":0.8270000219345093},{"id":"https://openalex.org/keywords/consumer-expenditure-survey","display_name":"Consumer Expenditure Survey","score":0.7599999904632568},{"id":"https://openalex.org/keywords/asset-pricing","display_name":"asset pricing","score":0.35600000619888306}],"concepts":[{"id":"https://openalex.org/C101161028","wikidata":"https://www.wikidata.org/wiki/Q129096","display_name":"Equity premium puzzle","level":3,"score":0.8688626289367676},{"id":"https://openalex.org/C181236170","wikidata":"https://www.wikidata.org/wiki/Q848354","display_name":"Capital asset pricing model","level":2,"score":0.8198878765106201},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6720765829086304},{"id":"https://openalex.org/C129915516","wikidata":"https://www.wikidata.org/wiki/Q17083550","display_name":"Risk aversion (psychology)","level":3,"score":0.5652556419372559},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.5560158491134644},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.5482252240180969},{"id":"https://openalex.org/C2781249084","wikidata":"https://www.wikidata.org/wiki/Q908656","display_name":"Preference","level":2,"score":0.5186564326286316},{"id":"https://openalex.org/C30772137","wikidata":"https://www.wikidata.org/wiki/Q5164762","display_name":"Consumption (sociology)","level":2,"score":0.5016884803771973},{"id":"https://openalex.org/C80212096","wikidata":"https://www.wikidata.org/wiki/Q1975416","display_name":"Systematic risk","level":2,"score":0.5007166862487793},{"id":"https://openalex.org/C151541453","wikidata":"https://www.wikidata.org/wiki/Q523022","display_name":"Risk premium","level":2,"score":0.49027374386787415},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.4414235055446625},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.4312426447868347},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.3465583920478821},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.3128622770309448},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.16835805773735046},{"id":"https://openalex.org/C205706631","wikidata":"https://www.wikidata.org/wiki/Q2319304","display_name":"Expected utility hypothesis","level":2,"score":0.13373306393623352},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C144024400","wikidata":"https://www.wikidata.org/wiki/Q21201","display_name":"Sociology","level":0,"score":0.0},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C36289849","wikidata":"https://www.wikidata.org/wiki/Q34749","display_name":"Social science","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1007/s10679-004-2545-x","doi":"https://doi.org/10.1007/s10679-004-2545-x","is_oa":false,"landing_page_url":"https://doi.org/10.1007/s10679-004-2545-x","pdf_url":null,"source":{"id":"https://openalex.org/S49857371","display_name":"European Finance Review","issn_l":"1382-6662","issn":["1382-6662","1573-692X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","cwts-core","fnege-1","poland-140"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Review of Finance","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:kap:eurfin:v:8:y:2004:i:3:p:445-480","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.1007/s10679-004-2545-x","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:ricerca.uniparthenope.it:11367/15712","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/11367/15712","pdf_url":null,"source":{"id":"https://openalex.org/S4377196432","display_name":"CINECA IRIS Institutial research information system (Parthenope University of Naples)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I183638586","host_organization_name":"Parthenope University of Naples","host_organization_lineage":["https://openalex.org/I183638586"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"info:eu-repo/semantics/article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":48,"referenced_works":["https://openalex.org/W169327172","https://openalex.org/W1538895470","https://openalex.org/W1574786337","https://openalex.org/W1579123711","https://openalex.org/W1942004503","https://openalex.org/W1984008241","https://openalex.org/W1992403182","https://openalex.org/W2000514400","https://openalex.org/W2008565199","https://openalex.org/W2016971820","https://openalex.org/W2025611071","https://openalex.org/W2029056003","https://openalex.org/W2034946940","https://openalex.org/W2052162529","https://openalex.org/W2053504955","https://openalex.org/W2058861354","https://openalex.org/W2082330181","https://openalex.org/W2083148578","https://openalex.org/W2083697222","https://openalex.org/W2085647375","https://openalex.org/W2095308811","https://openalex.org/W2096136442","https://openalex.org/W2114600177","https://openalex.org/W2117178635","https://openalex.org/W2119143694","https://openalex.org/W2128475248","https://openalex.org/W2130136629","https://openalex.org/W2134807435","https://openalex.org/W2146207816","https://openalex.org/W2155666388","https://openalex.org/W2168657798","https://openalex.org/W2330865346","https://openalex.org/W2570834760","https://openalex.org/W2889716834","https://openalex.org/W2890266134","https://openalex.org/W2891159187","https://openalex.org/W2891257707","https://openalex.org/W3023906401","https://openalex.org/W3121497095","https://openalex.org/W3122790088","https://openalex.org/W3122931826","https://openalex.org/W3124042194","https://openalex.org/W3124704119","https://openalex.org/W3125360998","https://openalex.org/W4239488419","https://openalex.org/W4248764197","https://openalex.org/W4297440425","https://openalex.org/W6600828760"],"related_works":["https://openalex.org/W1582710704","https://openalex.org/W2171806630","https://openalex.org/W2774811314","https://openalex.org/W7096573370","https://openalex.org/W2752820436","https://openalex.org/W1507781847","https://openalex.org/W2165466679","https://openalex.org/W3005904572","https://openalex.org/W2129003943","https://openalex.org/W2969191165"],"abstract_inverted_index":{"Abstract":[0],"This":[1],"paper":[2],"presents":[3],"empirical":[4,19],"evidence":[5],"that":[6,120],"accounting":[7],"for":[8,16,130],"heterogeneity":[9],"in":[10],"financial":[11,102],"market":[12,103],"participation":[13,104],"is":[14],"important":[15],"evaluating":[17],"the":[18,22,30,46,51,54,78,84,95,113,123,132],"performance":[20],"of":[21,45,53,68,83,97,122,134],"Consumption-based":[23],"Capital":[24],"Asset":[25],"Pricing":[26],"Model":[27],"(C-CAPM).":[28],"Using":[29],"U.S.":[31],"Consumer":[32],"Expenditure":[33],"Survey":[34],"as":[35,107,112],"a":[36,69,135,141],"common":[37],"testing":[38],"ground,":[39],"I":[40],"re-assess":[41],"three":[42,93],"well-known":[43],"characterizations":[44],"\u201cequity":[47,124],"premium":[48,125],"puzzle\u201d:":[49],"(i)":[50],"inconsistency":[52],"representative":[55,71],"agent's":[56,72],"IMRS":[57],"with":[58],"Hansen":[59,76],"and":[60,65,77],"Jagannathan":[61],"bounds;":[62],"(ii)":[63],"Mehra":[64],"Prescott's":[66],"calibration":[67],"large":[70,80],"risk":[73,98],"aversion;":[74],"(iii)":[75],"Singleton's":[79],"structural":[81],"estimates":[82,96],"preference":[85],"parameters":[86],"based":[87],"on":[88],"aggregate":[89],"data.":[90],"In":[91],"all":[92],"cases,":[94],"aversion":[99],"conditional":[100],"upon":[101],"are":[105],"not":[106],"far":[108],"from":[109],"reasonable":[110],"values":[111],"corresponding":[114],"unconditional":[115],"ones.":[116],"The":[117],"differences":[118],"suggest":[119],"part":[121],"puzzle\u201d":[126],"can":[127],"be":[128],"accounted":[129],"by":[131],"use":[133],"\u201crepresentative":[136,144],"agent\u201d":[137,146],"assumption":[138],"rather":[139],"than":[140],"more":[142],"appropriate":[143],"stockholding":[145],"assumption.":[147]},"counts_by_year":[{"year":2025,"cited_by_count":2},{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":1},{"year":2021,"cited_by_count":1},{"year":2017,"cited_by_count":2},{"year":2016,"cited_by_count":1},{"year":2015,"cited_by_count":1},{"year":2014,"cited_by_count":2},{"year":2012,"cited_by_count":2}],"updated_date":"2026-11-10T11:39:43.021295","created_date":"2016-06-24T00:00:00"}
