| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13168 |
| 来源ID | Working Paper 13168 |
| Neighbors Matter: Causal Community Effects and Stock Market Participation | |
| Jeffrey R. Brown; Zoran Ivkovich; Paul A. Smith; Scott Weisbenner | |
| 发表日期 | 2007-06-11 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | This paper establishes a causal relation between an individual's decision of whether to own stocks and average stock market participation decision of the individual's community. We instrument for the average ownership of an individual's community with lagged average ownership of the states in which one's non-native neighbors were born. Combining this instrumental variables approach with controls for individual and community fixed effects, a broad set of time-varying individual and community controls, and state-by-year effects, rules out alternative explanations. To further establish that word-of-mouth communication drives this causal effect, we show that the results are stronger in more sociable communities. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w13168 |
| 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/570837 |
| 推荐引用方式 GB/T 7714 | Jeffrey R. Brown,Zoran Ivkovich,Paul A. Smith,et al. Neighbors Matter: Causal Community Effects and Stock Market Participation. 2007. |
| 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 | ||
| w13168.pdf（242KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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