喻园管理论坛2021年第83期(总第740期)

演讲主题: Individualism and Stock Market Participation

主 讲 人: 牛  耕，西南财经大学经济与管理研究院副教授

主 持 人: 甘  煦，威尼斯欢乐娱人城·首页财务金融系讲师

活动时间: 2021年10月29日（周五）10:00-11:30

活动地点: 管理大楼121室

主讲人简介：

牛耕，西南财经大学经济与管理研究院副教授、博士生导师。金融风险管理师(FRM) 持证人。他于荷兰蒂尔堡大学分别获得金融学硕士和经济学博士学位。研究方向：家庭金融、资本市场、数字经济、公共政策。在Journal of Banking & Finance, Journal of Economic Behavior & Organization, Demography, China Economic Review等国际知名期刊发表论文十余篇。主持和参与多项国家级和省部级课题。担任四川欧美同学会建言资政专委会委员。

活动简介：

In this paper, we examine the relation between individualistic culture and household stock market participation. To establish causality, we adopt the epidemiological approach and exploit variations in the level of individualism in second-generation immigrants’ countries of origin. We find that individualism has a positive effect on individuals’ propensity to invest in stocks. This cultural effect is stronger among people with lower socioeconomic status. In addition, individualistic culture increases levels of trust and optimism among households, which are important drivers of stock market participation. Our findings suggest that culture has a persistent and profound effect on household financial risk taking.