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Socioeconomic Characterization and Equity Market Knowledge of the Citizens of Barranquilla, Colombia

Author

Listed:
  • Guillén León

    (Universidad Autónoma del Caribe)

  • Sergio Afcha

    (Católica Graduate Business School)

Abstract

This paper empirically examines the level of knowledge and participation of the citizens of Barranquilla in regard to the equity market in Colombia. 800 individuals distributed in five locations within the city were surveyed for this study. The factors explaining the small investors’ knowledge of the market, as well as the variables that influence the probability of investing in the stock exchange, were estimated using a logit model. The results show that, compared to other variables, the income range determines the level of knowledge and investment in the stock market to a great extent. Finally, it is confirmed that the equity market has very specific characteristics such that its main participants are those investors with greater knowledge about the investments they make.

Suggested Citation

  • Guillén León & Sergio Afcha, 2016. "Socioeconomic Characterization and Equity Market Knowledge of the Citizens of Barranquilla, Colombia," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 85, pages 179-209, Julio - D.
    • Handle: RePEc:lde:journl:y:2016:i:85:p:179-209
    DOI: 10.17533/udea.le.n85a06
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    More about this item

    Keywords

    stock exchange; equity market knowledge; financial literacy; logit model;
    All these keywords.

    JEL classification:

    • C25 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions; Probabilities
    • G1 - Financial Economics - - General Financial Markets
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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