Stock Market Literacy, Trust, and Participation
摘要:
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.
展开
DOI:
10.1093/rof/rfu040
被引量:
年份:
2014
通过文献互助平台发起求助,成功后即可免费获取论文全文。
相似文献
参考文献
引证文献
辅助模式
引用
文献可以批量引用啦~
欢迎点我试用!