| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w30383 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w30383 |
| 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/588054 |
| 推荐引用方式 GB/T 7714 | Hans K. Hvide,Tom G. Meling,Magne Mogstad,et al. Broadband Internet and the Stock Market Investments of Individual Investors. 2022. |
| 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 | ||
| w30383.pdf（814KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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