Childhood Exposure and Stock Market Participation

39 Pages Posted: 30 Nov 2016

See all articles by Jinglin Jiang

Jinglin Jiang

Tsinghua University - PBC School of Finance

Li Liao

Tsinghua University - PBC School of Finance

Zhengwei Wang

Tsinghua University - PBC School of Finance

Date Written: November 28, 2016

Abstract

This research studies the childhood exposure effect on stock market participation. We find that individuals with rural childhoods are less likely to invest in the stock market, controlling for wealth, trust, social interaction, risk attitude, and financial literacy. Furthermore, we find evidence that the trait of openness mitigates the enduring effect of rural childhood exposure, which is consistent with a cultural explanation.

Keywords: Childhood exposure, Stock market participation, Openness

JEL Classification: D12, D14, Z19

Suggested Citation

Jiang, Jinglin and Liao, Li and Wang, Zhengwei, Childhood Exposure and Stock Market Participation (November 28, 2016). PBCSF-NIFR Research Paper, Available at SSRN: https://ssrn.com/abstract=2876546 or http://dx.doi.org/10.2139/ssrn.2876546

Jinglin Jiang (Contact Author)

Tsinghua University - PBC School of Finance ( email )

No. 43, Chengdu Road
Haidian District
Beijing 100083
China

Li Liao

Tsinghua University - PBC School of Finance ( email )

No. 43, Chengdu Road
Haidian District
Beijing 100083
China

Zhengwei Wang

Tsinghua University - PBC School of Finance ( email )

No. 43, Chengfu Road
Haidian District
Beijing 100083
China

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