| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w24058
|
| 来源ID | Working Paper 24058
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| Learning from Coworkers: Peer Effects on Individual Investment Decisions |
| Paige Ouimet; Geoffrey Tate
|
| 发表日期 | 2017-11-27
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| 出版年 | 2017
|
| 语种 | 英语
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| 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
|
| URL | https://www.nber.org/papers/w24058
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581732
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推荐引用方式
GB/T 7714 |
Paige Ouimet,Geoffrey Tate. Learning from Coworkers: Peer Effects on Individual Investment Decisions. 2017.
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文件名：
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w24058.pdf
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格式：
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Adobe PDF
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