The study looked at why people choose to invest in the stock market. They found that the difference between the expected return on stocks and the cost of investing is a big factor in this decision. This difference, called the personal equity risk premium (PERP), influences whether people decide to invest in stocks or not. The researchers also discovered that both parts of the PERP (expected return and cost of capital) play a role in determining how much people invest in stocks. This means that understanding the potential benefits and costs of investing is important for deciding whether to participate in the stock market.