Peer performance and stock market entry

Markku Kaustia; Samuli Knuepfer

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Peer performance and stock market entry

机译：同行表现和股票市场准入

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摘要

Peer performance can influence the adoption of financial innovations and investment styles. We present evidence of this type of social influence: recent stock returns that local peers experience affect an individual's stock market entry decision, particularly in areas with better opportunities for social learning. The likelihood of entry does not decrease as returns fall below zero, consistent with people not talking about decisions that have produced inferior outcomes. Market returns, media coverage, local stocks, omitted local variables, short sales constraints, and stock purchases within households do not seem to explain these results.

机译：同行绩效可能会影响金融创新和投资方式的采用。我们提供了这种类型的社会影响力的证据：本地同龄人最近的股票回报影响着个人进入股市的决定，尤其是在社会学习机会更好的地区。当收益低于零时，进入的可能性不会降低，这与人们不谈论那些产生较差结果的决策相一致。市场回报，媒体报道，本地库存，遗漏的本地变量，卖空限制和家庭内部购买股票似乎无法解释这些结果。

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来源
《Journal of financial economics》 |2012年第2期|p.321-338|共18页
作者
Markku Kaustia; Samuli Knuepfer;
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作者单位

Aalto University School of Economics, Finland;

London Business School, UK;

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原文格式 PDF
正文语种 eng
中图分类
关键词
investor behavior; peer effect; social interaction; social influence; stock market participation;

机译：投资者行为;同伴效应社交联系;社会影响力;股市参与;

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7. Peer performance and stock market entry [O] . Markku Kaustia, Samuli Knüpfer 2012

机译：同行性能和股票市场进入

Peer performance and stock market entry

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