| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10235 |
| 来源ID | Working Paper 10235 |
| The Geography of Stock Market Participation: The Influence of Communities and Local Firms | |
| Jeffrey R. Brown; Zoran Ivkovich; Paul A. Smith; Scott Weisbenner | |
| 发表日期 | 2004-01-26 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | This paper is the first to investigate the importance of geography in explaining equity market participation. We provide evidence to support two distinct local area effects. The first is a community ownership effect, that is, individuals are influenced by the investment behavior of members of their community. Specifically, a ten percentage-point increase in equity market participation of the members of one's community makes it two percentage points more likely that the individual will invest in stocks. We find further evidence that the influence of community members is strongest for less financially sophisticated households and strongest within peer groups' as defined by age and income categories. The second is that proximity to publicly-traded firms also increases equity market participation. In particular, the presence of publicly-traded firms within 50 miles and the share of U.S. market value headquartered within the community are significantly correlated with equity ownership of individuals. These results are quite robust, holding up in the presence of a wide range of individual and community controls, instrumental variables estimation, the inclusion of individual fixed effects, and specification checks to rule out that the relations are driven solely by ownership of the stock of one's employer. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w10235 |
| 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/567864 |
| 推荐引用方式 GB/T 7714 | Jeffrey R. Brown,Zoran Ivkovich,Paul A. Smith,et al. The Geography of Stock Market Participation: The Influence of Communities and Local Firms. 2004. |
| 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 | ||
| w10235.pdf（404KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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