Social Interaction And Stock - Market Participation  

Oleh:

Hong, Harrison ; Kubik, Jeffrey D. ; Stein, Jeremy C.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 59 no. 1 (Feb. 2004), page 137-164.
Topik: social interactions; securities markets; correlation analysis; behaviour; investment policy; social interaction; models; hypotheses
Fulltext: p 137.pdf (141.23KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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We propose that stock - market participation is influenced by social interaction. In our model, any given "social" investor finds the market more attractive when more of his peers participate. We test this theory using data from the health and retirement study and find that social households those who interact with their neighbours, or attend church are substantially more likely to invest in the market than non social households, controlling for wealth, race, education and risk tolerance. Moreover, consistent with a peer - effects story, the impact of sociability is stronger in states where stock - market participation rates are higher.

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