学历的年代效应与股票市场投资者参与

Journal of Financial Research

2015, Vol. 422

Issue (8): 175-190 DOI:

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Cohort Effect of Education and Stock Market Participation

WU Weixing, SHEN Tao

Applied Finance Research Center,University of Business and International Trade;
China Huarong Asset Management Co., LTD

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Abstract There were many changes made towards the education system since the founding of People’s Republic of China (PRC), which caused the same degree of the same subject from different years may result in containing different knowledge. This research is aimed at studying the effect of the education background to the investor’s participation in the stock market, separating the differences caused by diverse ages. We arranged our samples into three groups base on the changes throughout the years after the founding of PRC, and have found out that group 2 has the most sensitivity comparing to group 1 and 3. By dividing the cause of the effect of the education background to the investor’s participation in the stock market into finance cognition and the stability of income, we have reached a further conclusion. Also by comparing the financial cognition level of the ones from the same education level with different ages, we have discovered that to develop the participation of investors in the stock market, it is better to educate the highly educated seniors and the young and middle-aged separately rather than giving universal education.

Key words： Investor participation Education background Cohort effect Financial cognition

Received: 21 October 2014 Published: 19 April 2018

JEL分类号:	D14
	D91

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Cite this article:

WU Weixing,SHEN Tao. Cohort Effect of Education and Stock Market Participation[J]. Journal of Financial Research, 2015, 422(8): 175-190.

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http://www.jryj.org.cn/EN/ OR http://www.jryj.org.cn/EN/Y2015/V422/I8/175

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