Broadband Internet and the Stock Market Investments of Individual Investors
利用挪威的公共项目数据，研究发现宽带互联网使用显著增加了个人投资者的股市参与，主要通过增加基金持有，使投资组合更分散、夏普比率更高，且不增加股票交易频率。
ABSTRACT We study the effects of broadband internet use on the investment decisions of individual investors. A public program in Norway provides plausibly exogenous variation in internet use. Our instrumental variables estimates show that internet use causes a substantial increase in stock market participation, driven primarily by increased fund ownership. Existing investors tilt their portfolios toward funds, thereby obtaining more diversified portfolios and higher Sharpe ratios, and do not increase their trading activity in stocks. Overall, access to high‐speed internet spurs a “democratization of finance,” with individuals making investment decisions that are more in line with the advice from portfolio theory.