Trust, Sociability and Stock Market Participation
Trust, Sociability and Stock Market Participation
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DOI：
10.2139/ssrn.1397236
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发表时间：
2009-04
期刊：
影响因子：
--
通讯作者：
Dimitris Georgarakos;G. Pasini
中科院分区：
文献类型：
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作者：
Dimitris Georgarakos;G. Pasini
我们研究了信任和社会性对股票市场参与的影响，现有的金融文献已经分别研究了这两个因素的作用。我们使用了欧洲健康、老龄化和退休调查的国际可比家庭数据，并补充了世界价值调查的普遍信任和欧洲晴雨表对金融机构的具体信任的区域信息。我们发现，信任和社会性有明显的和相当大的积极影响，股票市场的参与和社会性可能会部分平衡低广义信任的居住区引起的持股的劝阻效果。我们还表明，具体的信任金融机构提供的建议是股票投资的一个突出因素，相比其他有形的银行环境的特点。进一步探讨不同的家庭群体，我们发现，社会性可以诱导股票持有在瑞典，丹麦和瑞士，股票市场参与是普遍的小康。另一方面，在奥地利、西班牙和意大利等参与度有限、平均信任度较低的国家，普遍信任的效果很强，这为生活在这些国家的富人的参与率非常低提供了一个解释。
We investigate the effects of both trust and sociability for stock market participation, the role of which has been examined separately by existing finance literature. We use internationally comparable household data from the Survey of Health, Ageing and Retirement in Europe supplemented with regional information on generalized trust from the World Value Survey and on specific trust to financial institutions from Eurobarometer. We show that trust and sociability have distinct and sizeable positive effects on stock market participation and that sociability is likely to partly balance the discouragement effect on stockholding induced by low generalized trust in the region of residence. We also show that specific trust in advice given by financial institutions represents a prominent factor for stock investing, compared to other tangible features of the banking environment. Probing further into various groups of households, we find that sociability can induce stockholding among the less well off in Sweden, Denmark, and Switzerland where stock market participation is widespread. On the other hand, the effect of generalized trust is strong in countries with limited participation and low average trust like Austria, Spain, and Italy, offering an explanation for the remarkably low participation rates of the wealthy living therein.