Institutional Quality, Trust and Stock-Market Participation: Learning to Forget
2015/08/04
研討會日期 : 2015-08-04
時間 : 14:30
主講人 : Professor Frederik Lundtofte
主持人 : Professor Le-Yu Chen
地點 : Conference Room B110
演講者簡介 : Professor Lundtofte received his Ph.D. in Economics from Lund University at 2005. He is currently an Associate Professor at Lund University, Lund, Sweden. His main research areas are portfolio choice and asset pricing.
演講摘要 : Using a large cross-section of international household-level data, we explore the relation between institutional quality, trust and stock-market participation. Based on a stylized theoretical framework, we expect better institutions to be associated with higher levels of trust and, thus, a higher degree of stock-market participation. Further, we expect immigrants with a higher level of education to put a higher weight on the institutional quality of the country of residence. Our empirical results support these predictions: the part of trust that is related to institutional quality influences stock-market participation, and the impact of the institutional quality of the country of residence, relative to that of the home country, tends to increase with education.
