Social interaction and stock-market participation
Social interaction and stock-market participation
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DOI：
10.1111/j.1540-6261.2004.00629.x
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发表时间：
2004-02-01
影响因子：
8
通讯作者：
Stein, JC
中科院分区：
文献类型：
--
作者：
Hong, H;Kubik, JD;Stein, JC
我们认为，股票市场参与的社会互动的影响。在我们的模型中，任何给定的“社会”投资者都会发现，当更多的同行参与时，市场更具吸引力。我们使用健康和退休研究的数据来测试这一理论，发现社会家庭-那些与邻居互动或参加教会的人-比非社会家庭更有可能投资于市场，控制财富，种族，教育和风险承受能力。此外，与同伴效应的故事相一致，在股市参与率较高的州，社交能力的影响更强。
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 neighbors, 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.