| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w8358 |
| 来源ID | Working Paper 8358 |
| Social Interaction and Stock-Market Participation | |
| Harrison Hong; Jeffrey D. Kubik; Jeremy C. Stein | |
| 发表日期 | 2001-07-01 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | We investigate the idea that stock-market participation is influenced by social interaction. We build a simple model in which any given 'social' investor finds it more attractive to invest in the market when the participation rate among his peers is higher. The model predicts higher participation rates among social investors than among 'non-socials'. It also admits the possibility of multiple social equilibria. We then test the theory using data from the Health and Retirement Study. Social households - defined as those who interact with their neighbors, or who attend church - are indeed substantially more likely to invest in the stock market than non-social households, controlling for other factors like 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. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Macroeconomics ; Money and Interest Rates |
| URL | https://www.nber.org/papers/w8358 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565960 |
| 推荐引用方式 GB/T 7714 | Harrison Hong,Jeffrey D. Kubik,Jeremy C. Stein. Social Interaction and Stock-Market Participation. 2001. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w8358.pdf（265KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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