Evidence indicates that recent immigrants to the United States are less likely to participate in the stock market than non-immigrants, holding constant wealth and education. 1 Why, in general, might one expect this? Other evidence also suggests that there is little difference in stock-market participation among immigrants that are sociable and those that are not. Again, this is different than the results for non-immigrants, which finds a greater participation rate for sociable investors. Why might the results for immigrants differ?