Digital Transmission of Financial Knowledge: Evidence from Stock Market Investment

Xiaomin Guo, Yi Huang, Qi Sun and Bernard Yeung

No 20651, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: This paper examines the impact of a digital platform’s transmission of financial knowledge on users’ stock market participation and investment performance. Leveraging a Chinese platform’s randomly distributed prompts as an instrument, we demonstrate that access to financial information increases stock investment, enhances portfolio diversification, and improves risk-adjusted returns, even among older, less educated and less affluent users. Although initial responses to the prompts are modest, sustained exposure overcomes inertia and drives considerable engagement. Digitalization thus holds promises for democratizing finance by providing scalable, low-cost financial education that helps individuals make more informed investment decisions.

JEL-codes: D14 G11 G53 O33 Q55 (search for similar items in EconPapers)
Date: 2025-09
References: Add references at CitEc
Citations:

Downloads: (external link)
https://cepr.org/publications/DP20651 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cpr:ceprdp:20651

Ordering information: This working paper can be ordered from
https://cepr.org/publications/DP20651

Access Statistics for this paper

More papers in CEPR Discussion Papers from Centre for Economic Policy Research 33 Great Sutton Street, London EC1V 0DX, UK.
Bibliographic data for series maintained by CEPR ().