Abstract
This study uses the Wave 2 (2013), Wave 3 (2015) and Wave 4 (2018) released by Harmonized China Health and Retirement Longitudinal Study (CHARLS) to examine the effect of cognitive ability on stock investment in the middle-aged and older populations in China. This study investigates the relationship between subjective and objective aspects of cognitive ability on stock ownership and shares of stock holdings in financial investment over time. We further compare this relationship between subsamples (older adults vs. middle-aged adults). The findings in this study will provide implications for policymakers, financial professionals as well as investors.
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