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

Hossein Asgharian, Lu Liu, Frederik Lundtofte
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引用次数: 9

Abstract

We explore the relation between institutional quality, trust and stock-market participation. In our theoretical model, agents update their beliefs in a Bayesian manner based on observations on frauds and choose whether to invest in the stock market. The corresponding empirical model shows that institutional quality affects trust and that the part of trust that is explained by institutional quality influences stock-market participation. For immigrants, we consider learning factors, such as education and duration of stay, and we find that the impact of the institutional quality of the country of residence, relative to that of the home country, tends to increase with education.
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制度质量、信任和股票市场参与:学会遗忘
我们探讨了制度质量、信任和股票市场参与之间的关系。在我们的理论模型中,代理人基于对欺诈行为的观察,以贝叶斯方式更新他们的信念,并选择是否投资股票市场。相应的实证模型表明,制度质量影响信任,由制度质量解释的信任部分影响股票市场参与。对于移民,我们考虑了学习因素,如教育程度和停留时间,我们发现居住国的制度质量相对于母国的影响,往往随着教育程度的增加而增加。
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