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Applied Economics Letters Volume 30, 2023 - Issue 14
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Research Article

Digital finance, stock market participation and asset allocation of Chinese households

Jiancheng Wanga International School of Business & Finance, Sun Yat-sen University, Zhuhai, ChinaORCID Iconhttps://orcid.org/0000-0002-4993-3595View further author information
ORCID Icon,
Donghao Zhangb School of Insurance, Southwestern University of Finance and Economics, Chengdu, ChinaView further author information
&
Zerong Wangc School of Economics, Zhejiang University of Finance and Economics, Hangzhou, ChinaCorrespondence[email protected]
ORCID Iconhttps://orcid.org/0000-0002-0191-7641View further author information
ORCID Icon
Pages 1870-1873 | Published online: 05 Jun 2022

References

  • Feng, G., W. Jingyi, W. Fang, K. Tao, Z. Xun, and C. Zhiyun, 2019, “Measuring China’s Digital Financial Inclusion: Index Compilation and Spatial Characteristics”, Working paper, Institute of Digital Finance, Peking University.
  • Hong, H., J. D. Kubik, and J. C. Stein. 2004. “Social Interaction and Stock‐market Participation.” The Journal of Finance 59 (1): 137–163. doi:10.1111/j.1540-6261.2004.00629.x.
  • Mehra, R., and E. C. Prescott. 1985. “The Equity Premium: A Puzzle.” Journal of Monetary Economics 15 (2): 145–161. doi:10.1016/0304-3932(85)90061-3.
  • Merton, R. C. 1969. “Lifetime Portfolio Selection under Uncertainty: The continuous-time Case.” The Review of Economics and Statistics 51 (3): 247–257. doi:10.2307/1926560.
  • Merton, R. C. 1971. “Optimum Consumption and Portfolio Rules in a Continuous-Time Model.” Journal of Economic Theory 3 (4): 373–413. doi:10.1016/0022-0531(71)90038-X.
  • Pedersen, L. H. 2021. “Game On: Social Networks and Markets.” NYU Stern School of Business Forthcoming, Available at SSRN: or 10.2139/ssrn.3794616.
  • Peress, J. 2005. “Information Vs. Entry Costs: What Explains Us Stock Market Evolution?” Journal of Financial and Quantitative Analysis 40 (3): 563–594. doi:10.1017/S0022109000001873.
  • Samuelson, P. A. 1969. “Lifetime Portfolio Selection by Dynamic Stochastic Programming.” The Review of Economics and Statistics 51 (3): 239–246. doi:10.2307/1926559.
  • Van Rooij, M., A. Lusardi, and R. Alessie. 2011. “Financial Literacy and Stock Market Participation.” Journal of Financial Economics 101 (2): 449–472. doi:10.1016/j.jfineco.2011.03.006.

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