What drives stock market participation? The role of institutional, traditional, and behavioral factors

Tutkimustuotos: LehtiartikkeliArticleScientificvertaisarvioitu

6 Sitaatiot (Scopus)
228 Lataukset (Pure)

Abstrakti

We analyze stock market participation in 19 European countries, providing a composite view of the interplay and relative importance of established participation drivers. We jointly control for nearly all relevant drivers found in prior studies, which tend to introduce one novel variable at a time and often omit risk-aversion. Excellent full model predictive power decomposes into institutional (country) fixed effects (30%), traditional individual-level variables (50%), and more recently identified behavioral variables (20%). We sketch a hierarchical framework where factors’ effects vary by agents’ proneness to participate. We also challenge and complement existing interpretations given to sociability, IQ, trust, and life experiences.
AlkuperäiskieliEnglanti
Artikkeli106743
JulkaisuJOURNAL OF BANKING AND FINANCE
Vuosikerta148
Varhainen verkossa julkaisun päivämäärä5 jouluk. 2022
DOI - pysyväislinkit
TilaJulkaistu - maalisk. 2023
OKM-julkaisutyyppiA1 Alkuperäisartikkeli tieteellisessä aikakauslehdessä

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