<?xml version="1.0" encoding="UTF-8"?><xml><records><record><source-app name="Biblio" version="7.x">Drupal-Biblio</source-app><ref-type>17</ref-type><contributors><authors><author><style face="normal" font="default" size="100%">Ming Gao</style></author><author><style face="normal" font="default" size="100%">Juanjuan Meng</style></author><author><style face="normal" font="default" size="100%">Longkai Zhao</style></author></authors></contributors><titles><title><style face="normal" font="default" size="100%">Income and Social Communication: The Demographics of Stock Market Participation</style></title><secondary-title><style face="normal" font="default" size="100%">World Economy</style></secondary-title></titles><dates><year><style  face="normal" font="default" size="100%">2019</style></year></dates><urls><web-urls><url><style face="normal" font="default" size="100%">https://doi.org/10.1111/twec.12777</style></url></web-urls></urls><volume><style face="normal" font="default" size="100%">42</style></volume><pages><style face="normal" font="default" size="100%">2244–2277</style></pages><language><style face="normal" font="default" size="100%">eng</style></language><abstract><style face="normal" font="default" size="100%">This paper analyzes the determinants of stock market participation decisions using officially compiled aggregate stock account opening data in China. Different from the literature that often focuses on one particular dimension, our paper systematically evaluates the relative importance of disposable income, demographic variables, macroeconomic factors, stock market conditions, and social communication on both the level and the change of the participation rate. We find that the level of the participation rate is predominately determined by the income factor, followed by various measures of social communication. Social communication plays the most important role in the change of the participation rate, acting as a multiplier to stimulate stock market participation. The effects are more pronounced in high income, high education, high population density groups, and during the bull market period.</style></abstract><issue><style face="normal" font="default" size="100%">7</style></issue></record></records></xml>