As part of its unconventional monetary policy, since 2010 the Bank of Japan (BOJ) has purchased equity index exchange-traded funds (ETFs). The total purchased amount reached 3% of GDP and the bank has become among the largest shareholders in over 40% of listed companies. Because of the reduction...

This research studies the childhood exposure effect on stock market participation. We find that individuals with rural childhoods are less likely to invest in the stock market, controlling for wealth, trust, social interaction, risk attitude, and financial literacy. Furthermore, we find evidence...