Chufu Wen, Xinyu Zhao, Longhao Xu, Hua Yin:Military experience and household stock market participation: Evidence from China


SourceInternational Review of Financial Analysis ,2023,86.

Abstract: This paper examines the relationship between military experience and household stock market participation. Using data from the 2010 wave of China Family Panel Studies (CFPS), we find that the military experience promotes the households participating in the stock market. We further investigate how military experience affects a household investment decision. The results show that the level of risk-taking and social trust of military households mainly drives the positive nexus. Moreover, the length of military service rather than the age affects household equity investment decisions. We also find that the positive relationship is more prominent in high-income households, and low-education households 

Keywords: Military experience; Stock market participation; Risk attitude; Social trust; Household finance