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Plen. pres. 2: Plenary presentation: "Digital transmission of financial knowledge: Evidence from stock market investment"
Time:
Monday, 25/Aug/2025:
4:30pm - 5:00pm
Location:Aida Conference hall
Meeting hall “Aida”, which can accommodate up to 180 people
Presentations
Digital Transmission of Financial Knowledge: Evidence from Stock Market Investment
Prof. Xiaomin Guo1, Prof. yi Huang2, Prof. Qi Sun3, Prof. Bernard Yeung4
1SUSTech Business School,; 2Bank of International Settlement; 3Shanghai University of Finance and Economics,; 4NUS business school and SUSTech Business School
We study digital platforms’ transmission of financial knowledge and their effects on users’ investment in stocks and performance. Leveraging a proprietary dataset from one of China’s largest digital platforms, we measure users’ acquisition of financial knowledge through various platform information channels. Using a quasi-experiment setting to instrumentalize the acquisition, we find that the acquisition substantially increases stock market participation and enhances investment behaviors’ sophistication and performance, especially for older, inexperienced, and less wealthy households. Thus, digitalization democratizes finance by providing low-cost and scalable financial education, empowering individuals to make investment decisions aligned with portfolio theory
