Abstract The paper investigates the equity premium puzzle on Warsaw Stock Exchange (WSE). The dataset we use is based on a detailed survey conducted among Polish individual investors, which enabled us to develop an investor’s profile. We find evidence that certain behavioral biases are present on the market. We later compare the results with the risk premium on the WSE to verify whether the premium that exists on the market can be explained using behavioral factors. The study provides empirical solution to the equity premium puzzle starting from the individual investor level up to the aggregated market.

中文翻译：

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股票溢价之谜–来自波兰的证据

摘要本文研究了华沙证券交易所（WSE）的股票溢价之谜。我们使用的数据集是基于对波兰个人投资者进行的详细调查得出的，这使我们能够建立投资者的形象。我们发现有证据表明市场上存在某些行为偏见。稍后，我们将结果与WSE上的风险溢价进行比较，以验证是否可以使用行为因素来解释市场上存在的溢价。该研究提供了从个人投资者到整个市场的股权溢价难题的经验性解决方案。