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来源类型Working Paper
规范类型报告
DOI10.3386/w9711
来源IDWorking 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
URLhttps://www.nber.org/papers/w9711
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/567335
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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.
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