Investor heterogeneity and global stock market participation
研究了投资者异质性（如国家文化差异）如何影响全球47个国家2000-2022年的股市参与决策，发现异质性显著解释参与率差异，且结果稳健。
To what extent does investor heterogeneity influence decision to invest in stock market? We address this question by drawing on the behavioural economics literature and analyse the impact of national culture on stock market data of forty seven countries spanning from 2000 to 2022. Our findings demonstrate that investors’ heterogeneity significantly accounts for the variation in stock market participation and the results remain consistent despite many robustness checks.