Stock market aversion? Political preferences and stock market participation

Tutkimustuotos: LehtiartikkeliArticleScientificvertaisarvioitu

48 Sitaatiot (Scopus)

Abstrakti

We find that left-wing voters and politicians are less likely to invest in stocks, controlling for income, wealth, education, and other relevant factors. This finding from unique data sets in Finland is robust both at the zip code and at the individual level. A moderate left voter is 17–20% less likely to own stocks than a moderate right voter. The results are consistent with the idea that personal values are a factor in important investment decisions, in this case leading to “stock market aversion.” The results are inconsistent with alternative explanations such as wealth effects, risk aversion, reverse causality, return expectations, or social capital.
AlkuperäiskieliEnglanti
Sivut98-112
JulkaisuJournal of Financial Economics
Vuosikerta100
Numero1
DOI - pysyväislinkit
TilaJulkaistu - 2011
OKM-julkaisutyyppiA1 Julkaistu artikkeli, soviteltu

Sormenjälki

Sukella tutkimusaiheisiin 'Stock market aversion? Political preferences and stock market participation'. Ne muodostavat yhdessä ainutlaatuisen sormenjäljen.

Siteeraa tätä