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Understanding Stock Return Volatility Emilio Osambela

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We find that trusting individuals are significantly more likely to buy stocks and risky assets and, conditional on investing in stock, they invest a larger share of their wealth in it. This effect is economically very important: trusting others increases the probability of buying stock by 50% of the average sample probability and raises the share invested in stock by 3.4 percentage points (15.5% of the sample mean). These results are robust to controlling for differences in risk aversion and ambiguity aversion. We capture these differences by asking people their willingness to pay for a purely risky lottery and an ambiguous lottery. We then use these responses...

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