| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28479 |
| 来源ID | Working Paper 28479 |
| The Effect of Stock Ownership on Individual Spending and Loyalty | |
| Paolina C. Medina; Vrinda Mittal; Michaela Pagel | |
| 发表日期 | 2021-02-22 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | In this study, we quantify the effects of receiving stocks from certain brands on spending in the brand's stores. We use data from a new FinTech company called Bumped that opens brokerage accounts for its users and rewards them with stocks when they shop at previously elected stores. For identification, we use 1) the staggered distribution of brokerage accounts over time after individuals sign up for a waitlist and 2) randomly distributed stock grants. We find that individuals spend 40% more per week at elected brands and stores after being allocated an account. In response to receiving a stock grant, individuals increase their weekly spending by 100% on the granted brands. Beyond documenting a causal link between stock ownership and individual spending, we show that weekly spending in certain brands of our users is strongly correlated with stock holdings of that brand by Robinhood brokerage clients. Finally, we present survey evidence to argue that loyalty is the dominant psychological mechanism explaining our findings. We thus provide micro evidence for the idea that stock ownership drives brand loyalty, which is an intangible asset that leads to lower firm cash flow volatility. |
| 主题 | Financial Economics ; Behavioral Finance |
| URL | https://www.nber.org/papers/w28479 |
| 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/586151 |
| 推荐引用方式 GB/T 7714 | Paolina C. Medina,Vrinda Mittal,Michaela Pagel. The Effect of Stock Ownership on Individual Spending and Loyalty. 2021. |
| 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 | ||
| w28479.pdf（5227KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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