全球智库信息集成服务系统(G2TT): Social Proximity to Capital: Implications for Investors and Firms

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w27299
来源ID	Working Paper 27299
	Social Proximity to Capital: Implications for Investors and Firms
	Theresa Kuchler; Yan Li; Lin Peng; Johannes Stroebel; Dexin Zhou
发表日期	2020-06-08
出版年	2020
语种	英语
摘要	We use social network data from Facebook to show that institutional investors are more likely to invest in firms from regions to which they have stronger social ties. This effect of social proximity on investment behavior is distinct from the effect of geographic proximity. Social connections have the largest influence on investments of small investors with concentrated holdings as well as on investments in firms with a low market capitalization and little analyst coverage. We also find that the response of investment decisions to social connectedness affects equilibrium capital market outcomes: firms in locations with stronger social ties to places with substantial institutional capital have higher institutional ownership, higher valuations, and higher liquidity. These effects of social proximity to capital on capital market outcomes are largest for small firms with little analyst coverage. We find no evidence that investors generate differential returns from investments in locations to which they are socially connected. Our results suggest that the social structure of regions affects firms' access to capital and contributes to geographic differences in economic outcomes.
主题	Financial Economics ; Financial Institutions ; Corporate Finance ; Behavioral Finance
URL	https://www.nber.org/papers/w27299
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/584971
推荐引用方式 GB/T 7714	Theresa Kuchler,Yan Li,Lin Peng,et al. Social Proximity to Capital: Implications for Investors and Firms. 2020.

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
w27299.pdf（1812KB）	智库出版物		限制开放	CC BY-NC-SA	浏览