Proud to Not Own Stocks: How Identity Shapes Financial Decisions
Luca Henkel; Christian Zimpelmann · 2026 · Review of Financial Studies
WASTE classifies this as Negative / Null Result Report · AI classification, approximate
The study found no significant effect — useful as a negative control or null benchmark for your own design.
Abstract
Abstract This paper introduces a key factor influencing households’ decision to invest in the stock market: how people view stockholders. Using surveys we conducted with nearly 8,500 individuals from 11 countries, we document that a large majority hold negative views of stockholders based on identity-relevant characteristics. Linking survey and administrative data, we find that negative perceptions strongly predict households’ stock market participation. We show that negative perceptions causally influence household decision-making and provide evidence supporting identity concerns as the under
Abstract by Luca Henkel; Christian Zimpelmann, Review of Financial Studies (2026) — licensed CC BY 4.0.
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Metadata source: OpenAlex · DOI 10.1093/rfs/hhag034