（通讯员：杨莹莹 审核人：齐航）近日，我院教师鲁维洁博士以湖北经济学院为第一署名机构、以唯一通讯作者与合作者完成的论文《Individualism and stock market participation》在线发表于ABS三星期刊The European Journal of Finance (25 Jul 2024)。
摘要：
This paper investigates the relation between a cultural orientation toward individualism and household stock market participation. We adopt an epidemiological approach to establish causality. Employing large samples of second-generation immigrants in the U.S. and Europe, we focus on how the cultural heritage of individuals from different origins influences their engagement in stock market participation. To verify this relationship, we utilize data from the the Current Population Survey (CPS) and the Survey of Health, Ageing and Retirement in Europe (SHARE). Our findings reveal that immigrants from countries with a stronger individualistic cultural orientation are more likely to participate in the stock market. Furthermore, by leveraging data from the U.S. Census and American Community Survey (ACS), we demonstrate that the positive effect of individualistic cultural heritage is amplified for immigrants whose parents have made significant cultural investments. Additionally, utilizing data from the General Social Survey (GSS) to identify cultural mechanisms, we uncover that individualism culture shapes immigrants’ beliefs by fostering trust and optimism. Overall, our empirical evidence underscores the profound and persistent of culture on household stock market participation.
原文链接：https://www.tandfonline.com/doi/full/10.1080/1351847X.2024.2380409