| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14806 |
| DP14806 Social Proximity to Capital: Implications for Investors and Firms | |
| Theresa Kuchler; Yan Li; Lin Peng; Johannes Ströbel; Dexin Zhou | |
| 发表日期 | 2020-05-25 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We use social network data from Facebook to show that institutional investors are more likely to invest in firms from regions to which they have stronger social ties. This effect of social proximity on investment behavior is distinct from the effect of geographic proximity. Social connections have the largest influence on investments of small investors with concentrated holdings as well as on investments in firms with a low market capitalization and little analyst coverage. We also find that the response of investment decisions to social connectedness affects equilibrium capital market outcomes: firms in locations with stronger social ties to places with substantial institutional capital have higher institutional ownership, higher valuations, and higher liquidity. These effects of social proximity to capital on capital market outcomes are largest for small firms with little analyst coverage. We find no evidence that investors generate differential returns from investments in locations to which they are socially connected. Our results suggest that the social structure of regions affects firms' access to capital and contributes to geographic differences in economic outcomes. |
| 主题 | Financial Economics ; International Trade and Regional Economics |
| 关键词 | Social Networks Social connectedness index Institutional investors |
| URL | https://cepr.org/publications/dp14806 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543738 |
| 推荐引用方式 GB/T 7714 | Theresa Kuchler,Yan Li,Lin Peng,et al. DP14806 Social Proximity to Capital: Implications for Investors and Firms. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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