Socioeconomic Characterization and Equity Market Knowledge of the Citizens of Barranquilla, Colombia

Guillén León () and Sergio Afcha ()
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Guillén León: Universidad Autónoma del Caribe
Sergio Afcha: Católica Graduate Business School

Lecturas de Economía, 2016, issue 85, 179-209

Abstract: This paper empirically examines the level of knowledge and participation of the citizens of Barranquilla in regard to the equity market in Colombia. 800 individuals distributed in five locations within the city were surveyed for this study. The factors explaining the small investors’ knowledge of the market, as well as the variables that influence the probability of investing in the stock exchange, were estimated using a logit model. The results show that, compared to other variables, the income range determines the level of knowledge and investment in the stock market to a great extent. Finally, it is confirmed that the equity market has very specific characteristics such that its main participants are those investors with greater knowledge about the investments they make.

Keywords: stock exchange; equity market knowledge; financial literacy; logit model (search for similar items in EconPapers)
JEL-codes: C25 G1 G11 G15 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:lde:journl:y:2016:i:85:p:179-209

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DOI: 10.17533/udea.le.n85a06

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