Investor heterogeneity and global stock market participation

Rodiat Lawal and Rilwan Sakariyahu

Economics Letters, 2024, vol. 242, issue C

Abstract: To what extent does investor heterogeneity influence decision to invest in stock market? We address this question by drawing on the behavioural economics literature and analyse the impact of national culture on stock market data of forty seven countries spanning from 2000 to 2022. Our findings demonstrate that investors’ heterogeneity significantly accounts for the variation in stock market participation and the results remain consistent despite many robustness checks.

Keywords: Stock market participation; National culture; Investor heterogeneity (search for similar items in EconPapers)
JEL-codes: G10 G11 G12 G14 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:242:y:2024:i:c:s0165176524003665

DOI: 10.1016/j.econlet.2024.111882

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