Religious differences and households' investment decisions
研究美国不同宗教信仰（新教、天主教）对家庭股票投资的影响，发现新教徒更少投资股票，而天主教徒因财富和年龄因素更可能参与股市，且当地天主教与新教比例越高，家庭股票投资参与度和风险偏好越高。
Abstract This study examines effects of religion on US households' investment decisions, with focusing on the two channels; individual religious belief and local religious culture. We find that Protestants are less likely to invest in stocks than nonreligious households. Catholics are more likely to participate in stock markets than nonreligious households, which is largely driven by Catholic households' greater wealth and older age. Moreover, a higher local Catholic–Protestant ratio (CPratio) is associated with greater stock market participation of the local households, regardless of their own religious preferences. Furthermore, we find that the local CPratio is associated with stock choices—the higher the CPratio, the riskier the stock portfolios. The findings are economically meaningful and they provide salient insights into theory and policy.