Before revision:  We generate empirical results on stock-market participation, stock-market investment, and trade volume from theSurvey of Consumer Finances , merged with CRSP and historical data on stock-market performance, that are consistent with the model predictions .
After revision:  We generate empirical results on stock-market participation, stock-market investment, and trade volume from the , merged with CRSP and historical data on stock-market performance, that are consistent with the model predictions .