What drives stock market participation? The role of institutional, traditional, and behavioral factors
研究了19个欧洲国家股市参与的影响因素，发现传统个体变量解释力最强（50%），制度固定效应次之（30%），行为变量最弱（20%），并挑战了社交性、智商、信任和生活经历等变量的现有解释。
We analyze stock market participation in 19 European countries, providing a composite view of the interplay and relative importance of established participation drivers. We jointly control for nearly all relevant drivers found in prior studies, which tend to introduce one novel variable at a time and often omit risk-aversion. Excellent full model predictive power decomposes into institutional (country) fixed effects (about 30% of total), traditional individual-level variables (50%), and more recently identified behavioral variables (20%). We sketch a hierarchical framework where factors’ effects vary by agents’ proneness to participate. We also challenge and complement existing interpretations given to sociability, IQ, trust, and life experiences.