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The influence of non-cognitive and cognitive ability on individuals' stock market participation
Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Economics.
Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
2013 (English)Report (Other academic)
Abstract [en]

Stock market participation is found to be positively related to cognitive, as well as non-cognitive ability, controlling for wealth, income, age, and other demographic and socioeconomic factors. Interestingly, the effects are of economic significant magnitudes, e.g. participation is on average 11.49% larger among those with high compared with low cognitive and non-cognitive abilities, and holds also when controlling for individuals risk preferences. The later indicates that cognitive and non-cognitive abilities have a role in affecting financial decisions also through non-preference driven effects. Limitations in non-cognitive ability do further explain non-participation among affluent individuals.

Place, publisher, year, edition, pages
Umeå, 2013. , 43 p.
Series
Umeå economic studies, ISSN 0348-1018 ; 866
Keyword [en]
household finance, investor behavior, stock market participation, psychological traits, intelligence, risk preferences
National Category
Economics Business Administration
Research subject
Business Studies; Economics
Identifiers
URN: urn:nbn:se:umu:diva-81748OAI: oai:DiVA.org:umu-81748DiVA: diva2:658279
Available from: 2013-10-21 Created: 2013-10-21 Last updated: 2015-01-16Bibliographically approved

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Gyllenram, AndréHanes, NiklasHellström, Jörgen
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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf