| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24281 |
| 来源ID | Working Paper 24281 |
| Social Transmission Bias and Investor Behavior | |
| Bing Han; David Hirshleifer; Johan Walden | |
| 发表日期 | 2018-02-05 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We offer a new social approach to investment decision making and asset prices. Investors discuss their strategies and convert others to their strategies with a probability that increases in investment returns. The conversion rate is shown to be convex in realized returns. Unconditionally, active strategies (e.g., high variance and skewness) dominate, although investors have no inherent preference over these characteristics. The model has strong predictions for how adoption of active strategies depends on investors' social networks. In contrast with nonsocial approaches, sociability, self-enhancing transmission and other features of the communication process determine the popularity and pricing of active investment strategies. |
| 主题 | Microeconomics ; Behavioral Economics ; Economics of Information ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Behavioral Finance |
| URL | https://www.nber.org/papers/w24281 |
| 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/581953 |
| 推荐引用方式 GB/T 7714 | Bing Han,David Hirshleifer,Johan Walden. Social Transmission Bias and Investor Behavior. 2018. |
| 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 | ||
| w24281.pdf（517KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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