| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26818 |
| 来源ID | Working Paper 26818 |
| The Long-lasting Effects of Living under Communism on Attitudes towards Financial Markets | |
| Christine Laudenbach; Ulrike Malmendier; Alexandra Niessen-Ruenzi | |
| 发表日期 | 2020-03-09 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We analyze the long-term effects of living under communism and its anticapitalist doctrine on households’ financial investment decisions and attitudes towards financial markets. Utilizing comprehensive German brokerage data and bank data, we show that, decades after Reunification, East Germans still invest significantly less in the stock market than West Germans. Consistent with communist friends-and-foes propaganda, East Germans are more likely to hold stocks of companies from communist countries (China, Russia, Vietnam) and of state-owned companies, and are unlikely to invest in American companies and the financial industry. Effects are stronger for individuals exposed to positive “emotional tagging,” e.g., those living in celebrated showcase cities. Effects reverse for individuals with negative experiences, e.g., environmental pollution, religious oppression, or lack of (Western) TV entertainment. Election years trigger further divergence of East and West Germans. We provide evidence of negative welfare consequences due to less diversified portfolios, higher-fee products, and lower risk-adjusted returns. |
| 主题 | Microeconomics ; Behavioral Economics ; Households and Firms ; Economics of Information ; Macroeconomics ; Consumption and Investment ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w26818 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584491 |
| 推荐引用方式 GB/T 7714 | Christine Laudenbach,Ulrike Malmendier,Alexandra Niessen-Ruenzi. The Long-lasting Effects of Living under Communism on Attitudes towards Financial Markets. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26818.pdf（1198KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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