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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w9711 |
来源ID | Working Paper 9711 |
The Neighbor's Portfolio: Word-of-Mouth Effects in the Holdings and Trade of Money Managers | |
Harrison Hong; Jeffrey D. Kubik; Jeremy C. Stein | |
发表日期 | 2003-05-19 |
出版年 | 2003 |
语种 | 英语 |
摘要 | A mutual-fund manager is more likely to hold (or buy, or sell) a particular stock in any quarter if other managers in the same city are holding (or buying, or selling) that same stock. This pattern shows up even when controlling for the distance between the fund manager and the stock in question, so it is distinct from a local-preference effect. It is also robust to a variety of controls for investment styles. These results can be interpreted in terms of an epidemic model in which investors spread information about stocks to one another by word of mouth. |
主题 | Microeconomics ; Economics of Information ; Financial Economics ; Portfolio Selection and Asset Pricing |
URL | https://www.nber.org/papers/w9711 |
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/567335 |
推荐引用方式 GB/T 7714 | Harrison Hong,Jeffrey D. Kubik,Jeremy C. Stein. The Neighbor's Portfolio: Word-of-Mouth Effects in the Holdings and Trade of Money Managers. 2003. |
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 | ||
w9711.pdf(389KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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