Internet (%)

Financial literacy

Financial sophistication

Below

Above

Below

Above

Below

Above

(1)

(2)

(3)

(4)

(5)

(6)

Low

0.0344***

0.0450***

0.0104

0.0595***

0.0162

0.0564***

(0.01)

(0.00)

(0.46)

(0.00)

(0.24)

(0.00)

Low × Institutional

0.0795*

0.0208

0.1174**

−0.0015

0.1132**

−0.0010

(0.10)

(0.37)

(0.01)

(0.95)

(0.02)

(0.97)

Mid

0.0286***

0.0396***

0.0272***

0.0395***

0.0261***

0.0404***

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

Mid × Institutional

−0.0079

0.0044

−0.0159*

0.0086**

−0.0145*

0.0078*

(0.50)

(0.28)

(0.06)

(0.05)

(0.09)

(0.07)

High

0.2185***

0.1575***

0.1214***

0.1593***

0.1233***

0.1584***

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

High × Institutional

−0.0828**

0.0141

−0.0904**

0.0295

−0.0838*

0.0283

(0.04)

(0.53)

(0.04)

(0.19)

(0.06)

(0.21)

Institutional

−0.0147*

−0.0031

0.0130

−0.0093**

0.0134

−0.0089**

(0.05)

(0.48)

(0.14)

(0.02)

(0.13)

(0.03)

Control Variables

Yes

Yes

Yes

Yes

Yes

Yes

Adjusted R-squared

0.051

0.070

0.066

0.063

0.064

0.064

Number of observations

175,714

368,153

171,500

372,367

176,515

367,352