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Investor heterogeneity and global stock market participation

Author

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  • Lawal, Rodiat
  • Sakariyahu, Rilwan

Abstract

To what extent does investor heterogeneity influence decision to invest in stock market? We address this question by drawing on the behavioural economics literature and analyse the impact of national culture on stock market data of forty seven countries spanning from 2000 to 2022. Our findings demonstrate that investors’ heterogeneity significantly accounts for the variation in stock market participation and the results remain consistent despite many robustness checks.

Suggested Citation

  • Lawal, Rodiat & Sakariyahu, Rilwan, 2024. "Investor heterogeneity and global stock market participation," Economics Letters, Elsevier, vol. 242(C).
    • Handle: RePEc:eee:ecolet:v:242:y:2024:i:c:s0165176524003665
    DOI: 10.1016/j.econlet.2024.111882
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    More about this item

    Keywords

    Stock market participation; National culture; Investor heterogeneity;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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