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Culture and R2
Social Science Research Network
Consistent with predictions from the psychology literature, we find that stock prices co-move more (less) in culturally tight (loose) and collectivistic (individualistic) countries. Culture influences stock price synchronicity by affecting a country's information environment and correlations in investors' trading activities. Both market-wide and firm-specific variations are lower in tighter cultures. Individualism is mostly associated with higher firm-specific variations. Trade and financialdoi:10.2139/ssrn.2315649 fatcat:l3zuumdxm5gddpwrddtcl3b4fe