Information diffusion effects in individual investors' common stock purchases: Covet thy neighbors' investment choices
Information diffusion effects in individual investors' common stock purchases: Covet thy neighbors' investment choices
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DOI：
10.1093/revfin/hhm009
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发表时间：
2007-07-01
影响因子：
8.2
通讯作者：
Weisbenner, Scott
中科院分区：
文献类型：
--
作者：
Ivkovic, Zoran;Weisbenner, Scott
我们研究了家庭购买股票与其邻居购买股票之间的关系。邻居购买某一行业股票的比例每增加10个百分点，家庭自己购买该行业股票的比例就会增加2个百分点。这种影响在本地股票和社会地位更高的州的家庭中要大得多。在控制了地区社交性、家庭和邻居的投资风格偏好以及当地公司的行业构成后，我们将家庭购买股票和邻居购买股票之间的相关性归因于口头传播。
We study the relation between households' stock purchases and stock purchases made by their neighbors. A ten percentage point increase in neighbors' purchases of stocks from an industry is associated with a two percentage point increase in households' own purchases of stocks from that industry. The effect is considerably larger for local stocks and among households in more social states. Controlling for area sociability, households' and neighbors' investment style preferences, and the industry composition of local firms, we attribute approximately one-quarter to one-half of the correlation between households' stock purchases and stock purchases made by their neighbors to word-of-mouth communication.