Stock Market Literacy, Trust and Participation
Stock Market Literacy, Trust and Participation
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DOI：
10.2139/ssrn.2392747
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发表时间：
2014-08
期刊：
影响因子：
--
通讯作者：
Adnan Balloch;Anamaria Nicolae;Dennis Philip
中科院分区：
文献类型：
--
作者：
Adnan Balloch;Anamaria Nicolae;Dennis Philip
本文研究了股票市场素养和信任对股权决策的重要性。我们发现，这两个不同的渠道不仅同时解释了参与的概率，而且在参与的条件下，还解释了股票投资的份额。一旦我们考虑了股市素养，社交能力对参与就不再重要；重要的是素养，而不是社交能力。此外，我们观察到，经济冲击和未来预期是解释家庭投资股票决定的关键行为特征。然而，在参与时，一组更大的行为特征解释了股票投资的水平。
This article studies the importance of stock market literacy and trust for stock ownership decisions. We find that these two distinct channels simultaneously explain not only the probability of participation, but, conditional on participation, also explain the share of investment in stocks. Once we account for stock market literacy, sociability is no longer significant for participation; what matters is literacy rather than sociability. Further, we observe that economic shocks and future expectations are key behavioral characteristics that explain a household’s decision to invest in stocks. However, upon participation, a larger set of behavioral characteristics explains the level of stock investment.