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Cross-Country Differences in Household Stock Market Participation: The Role of Gender Norms

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  • Da Ke

Abstract

What explains substantial variation across countries in household stock market participation? Building on Ke (2018), I hypothesize that the prevailing gender norm in a country is an important cultural factor. In a cross-country analysis, I find that households in countries with strong gender norms are less likely to participate in the stock market. In addition, I present suggestive evidence that gender role attitudes help explain cross-country differences in participation among the wealthy. My findings underscore the role of social norms in shaping household balance sheets across countries.

Suggested Citation

  • Da Ke, 2018. "Cross-Country Differences in Household Stock Market Participation: The Role of Gender Norms," AEA Papers and Proceedings, American Economic Association, vol. 108, pages 159-162, May.
    • Handle: RePEc:aea:apandp:v:108:y:2018:p:159-62
    Note: DOI: 10.1257/pandp.20181097
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    Citations

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    Cited by:

    1. Abudy, Menachem (Meni) & Mugerman, Yevgeny & Wiener, Zvi, 2021. "Stock markets and female participation in the labor force," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 74(C).
    2. Ke, Da, 2024. "Left behind: Partisan identity, stock market participation, and wealth inequality," Journal of Banking & Finance, Elsevier, vol. 164(C).
    3. Trond Døskeland & Jens Soerlie Kvaerner, 2022. "Cancer and Portfolio Choice: Evidence from Norwegian Register Data [The age of reason: financial decisions over the life cycle and implications for regulation]," Review of Finance, European Finance Association, vol. 26(2), pages 407-442.
    4. Da Ke, 2021. "Who Wears the Pants? Gender Identity Norms and Intrahousehold Financial Decision‐Making," Journal of Finance, American Finance Association, vol. 76(3), pages 1389-1425, June.
    5. Guillaume Andrieu & Benjamin Le Pendeven & Gaël Leboeuf, 2021. "Equity Crowdfunding Success for Female Entrepreneurs: French Evidence," Post-Print hal-03227572, HAL.
    6. Andrew Y. Chen & Tom Zimmermann, 2022. "Publication Bias in Asset Pricing Research," Papers 2209.13623, arXiv.org, revised Sep 2023.
    7. Guillaume Andrieu & Benjamin Le pendeven & Gaël Leboeuf, 2021. "Equity Crowdfunding Success for Female Entrepreneurs: French Evidence," Economics Bulletin, AccessEcon, vol. 41(2), pages 417-431.

    More about this item

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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