Financial Literacy, Human Capital and Stock Market Participation in Europe

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dc.contributor.author Ashok Thomas
dc.contributor.author Spataro, Luca
dc.date.accessioned 2018-05-10T04:47:15Z
dc.date.available 2018-05-10T04:47:15Z
dc.date.issued 2015
dc.identifier.uri http://hdl.handle.net/2259/987
dc.description https://doi.org/10.1007/s10834-018-9576-5 en_US
dc.description.abstract Households’ stock market participation has significant effects on savings and on an economy’s financial development and performance. Yet participation into capital markets is limited and quite heterogonous both among and within several countries. This phenomenon represents an empirical puzzle whose understanding is rather incomplete. In this work, we exploited a combination of datasets for nine European countries and used different econometric specifications that allow to control for endogeneity of financial literacy and human capital, to assess the role of several variables in affecting the probability to participate in the stock market in year 2010. Besides socio-demographic variables, we found that financial literacy has a positive and significant effect on stock market participation, together with the level of human capital and social interaction. Country level differences are explained by such institutional factors as the effectiveness of the education system and by the attractiveness of the stock markets. en_US
dc.language.iso en en_US
dc.publisher Springer: Journal of Family and Economic Issues en_US
dc.subject Stock market participation en_US
dc.subject Financial literacy en_US
dc.subject Social interaction en_US
dc.subject Education quality en_US
dc.subject Europe en_US
dc.title Financial Literacy, Human Capital and Stock Market Participation in Europe en_US
dc.type Article en_US


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  • Journal Articles [54]
    This collection consists of published and unpublished articles of IIMK Community.

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