Institutional Quality, Trust, and Stock Market Participation: Learning to Forget

Author:

Asgharian Hossein1ORCID,Liu Lu2ORCID,Lundtofte Frederik34ORCID

Affiliation:

1. Department of Economics, Lund University, P. O. Box 7082, S-220 07 Lund, Sweden

2. Stockholm Business School, Stockholm University, S-106 91 Stockholm, Sweden

3. Aalborg University Business School, Fibigerstræde 2, DK-9220 Aalborg Øst, Denmark

4. Danish Finance Institute, Solbjerg Plads 3, DK-2000 Frederiksberg, Denmark

Abstract

In this paper, we explore the relations among institutional quality, households’ level of trust, and stock market participation. We find that institutional quality has a significant impact on both trust and participation. The individual level of trust significantly affects participation, but trust plays a small role in the effect of institutional quality on participation. Further, we demonstrate that immigrants are affected by the institutional quality of both their country of residence and their home country, and that education emerges as an important learning factor in immigrants’ adaptation to new institutional environments.

Funder

Thule-stiftelsen

Crafoordska Stiftelsen

Publisher

World Scientific Pub Co Pte Ltd

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