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| Tekijä: | Kaustia, M. Torstila, S. |
| Otsikko: | Stock market aversion? Political preferences and stock market participation |
| Lehti: | Journal of Financial Economics
2011 : APR, VOL. 100:1, p. 98-112 |
| Asiasana: | Nordic countries Finland stock markets household economics finance participation |
| Vapaa asiasana: | political preferences |
| Kieli: | eng |
| Tiivistelmä: | Left-wing voters and politicians are found to be less likely to invest in stocks, controlling for income, wealth, education, and other relevant factors. This finding from unique data sets in Finland is robust both at the zip code and at the individual level. A moderate left voter is 17-20 percent less likely to own stocks than a moderate right voter. The results are consistent with the idea of personal values being a factor in important investment decisions, in this case leading to "stock market aversion". The results are inconsistent with alternative explanations, e.g. wealth effects, risk aversion, reverse causality, return expectations, or social capital. |
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