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来源类型Working Paper
规范类型报告
DOI10.3386/w30383
来源IDWorking Paper 30383
Broadband Internet and the Stock Market Investments of Individual Investors
Hans K. Hvide; Tom G. Meling; Magne Mogstad; Ola L. Vestad
发表日期2022-08-22
出版年2022
语种英语
摘要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 towards 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 seems to spur a “democratization of finance”, with individuals making investment decisions that are more in line with the advice from portfolio theory.
主题Microeconomics ; Households and Firms ; Financial Economics ; Portfolio Selection and Asset Pricing ; Behavioral Finance
URLhttps://www.nber.org/papers/w30383
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/588054
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Hans K. Hvide,Tom G. Meling,Magne Mogstad,et al. Broadband Internet and the Stock Market Investments of Individual Investors. 2022.
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