Webinar Series



Road to Stock Market Participation

The authors study the impact of a national road construction program that brought access to previously unconnected pincodes in India, on stock market participation. Using a unique dataset on the trading behavior of over 13 million individuals, the authors find that construction of new feeder roads to a pincode increases the number of new investors by 28.7% and the number of trades by 64.5% and the effects are larger for rural vs. urban areas and for pincodes at intermediate levels of development. The stock market participation effects are largely driven by new bank branch openings within three years of the road construction suggesting a financial inclusion channel. The authors also see greater effects for pincodes more distant from the nearest big city, greater portfolio diversification, and increased trading in companies located farther away, all suggesting an information channel.


Session Chair: Michael SONG
Professor, Department of Economics, Chinese University of Hong Kong and Senior Fellow, ABFER

10:00 am
Road to Stock Market Participation

Pulak GHOSH, Professor, Decision Sciences, Indian Institute of Management, Bangalore

Sumit AGARWAL, Low Tuck Kwong Distinguished Professor; Professor of Finance, Economics and Real Estate, National University of Singapore
Meghana AYYAGARI, Professor of International Business; Professor of International Affairs; Professor of Finance (by courtesy), George Washington University
Yuxi CHENG, PhD Student, George Washington University
10:25 am
Harrison HONG, John R. Eckel, Jr. Professor of Financial Economics; Executive Director, Program for Economic Research, Columbia University and Senior Fellow, ABFER
10:50 am
11:10 am

Updated 27 Jul 2022


  • Pulak GHOSH

    Pulak GHOSH


    Professor, Decision Sciences, Indian Institute of Management, Bangalore

    Pulak GHOSH is Professor in the Decision Sciences Area at IIMB. His key specializations are in intersection of Big data, Machine learning, Artificial Intelligence and its use in Economics, Finance, Policy and Social Value Creation. He did serve in the editorial board of Journal of the American statistical Association, Journal of the Royal statistical Society and currently serves in the editorial board of Biometrics.

    Based on his outstanding and innovative contribution to research, the International Indian Statistical Association awarded him with the "Young Scientist Award” in 2011. The Government of India awarded him the prestigious CR Rao award in 2015 and Econometric Society awarded him the Mahalanobis Award in 2016.

    Prior to joining IIMB, he served as Associate Director, Novartis Pharmaceuticals, USA, Assistant Professor, Georgia State University, and Associate Professor at Emory University, USA. He is a visiting faculty at several institutes of international repute.

  • Harrison HONG

    Harrison HONG


    John R. Eckel, Jr. Professor of Financial Economics; Executive Director, Program for Economic Research, Columbia University

    Harrison HONG is the John R. Eckel Jr. Professor of Financial Economics at the Columbia University Department of Economics and Executive Director of the Program for Economic Research. Before coming to Columbia in 2016, he was on the economics faculty of Princeton University, most recently as the John Scully ’66 Professor of Economics and Finance. Prior to that, he was an associate professor of finance at the Stanford Graduate School of Business from 1997-2001. He received his B.A. in economics and statistics with highest distinction from the University of California at Berkeley in 1992 and his Ph.D. in economics from M.I.T. in 1997. In 2009, he was awarded the Fischer Black Prize, given once every two years to the best American finance economist under the age of 40. He received honorary doctorates from Stockholm School of Economics and Aalto University and is a past Director of the American Finance Association. He is a research associate at the National Bureau of Economic Research and an academic advisor at LSV Asset Management. He has contributed to a number of areas in financial economics, including stock market efficiency, behavioral finance, and climate finance. His recent work focuses on the role of the financial system in addressing climate change. He is a co-author on the upcoming Fifth National Climate Assessment for the US Congress and an advisor on several climate risk assessments by the International Monetary Fund.

  • Michael SONG

    Michael SONG


    Professor, Department of Economics, Chinese University of Hong Kong and Senior Fellow, ABFER

    Michael Song is a professor at the Department of Economics, Chinese University of Hong Kong (CUHK), an outstanding fellow of the Faculty of Social Science at CUHK, a co-director of CUHK-Tsinghua Joint Research Center for Chinese Economy and a distinguished visiting professor at the School of Economics and Management, Tsinghua University. His research focuses onChinese economy and macroeconomics. He published papers on leading academic journals including American Economic Review and Econometrica. His paper “Growing like China” won Sunyefang Economic Science Award and the Best Paper Award for Chinese Young Economists. Before joining CUHK, Prof. Song was an associate professor of economics at Chicago Booth. Prof. Song is also a co-editor of China Economic Review, an associate editor of Econometrica and Journal of European Economic Association and an academic committee member of China’s Economics Foundation.

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Session Format

Each session lasts for 1 hour 10 minutes (25 minutes for the author, 25 minutes for the discussant and 20 minutes for participants' Q&A). Sessions will be recorded and posted on ABFER's web, except in cases where speakers or discussants request us not to.


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