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来源类型Working Paper
规范类型报告
DOI10.3386/w24058
来源IDWorking Paper 24058
Learning from Coworkers: Peer Effects on Individual Investment Decisions
Paige Ouimet; Geoffrey Tate
发表日期2017-11-27
出版年2017
语种英语
摘要We use unique data on employee decisions in the employee stock purchase plans (ESPPs) of U.S. public firms to measure the influence of networks on investment decisions. Comparing only employees within a firm during the same election window and controlling for a metro area fixed effect, we find that the local choices of coworkers to participate in the firm’s ESPP exert a significant influence on employees’ own decisions to participate. Local coworkers’ trading patterns also disseminate to colleagues through the network. In the cross-section, we find that some employees (men, younger workers) are particularly susceptible to peer influence. Generally, we find that more similar employees exert greater influence on each other’s decisions and, particularly, that high (low) information employees are most affected by other high (low) information employees. However, we also find that the presence of high information employees magnifies the effects of peer networks. We trace a value-increasing investment choice through employee networks. Thus, our analysis suggests the potential of networks and targeted investor education to improve financial decision-making.
主题Microeconomics ; Households and Firms ; Financial Economics ; Portfolio Selection and Asset Pricing
URLhttps://www.nber.org/papers/w24058
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/581732
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Paige Ouimet,Geoffrey Tate. Learning from Coworkers: Peer Effects on Individual Investment Decisions. 2017.
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