INFORMATION SHARING AND STOCK MARKET PARTICIPATION: EVIDENCE FROM EXTENDED FAMILIES

• 成果类型: Article
• 署名作者: Li, Geng
• 署名单位: Federal Reserve System - USA; Federal Reserve System Board of Governors
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/REST_a_00301
• 发表日期: 2014-03
• 页码: 151-160
• 关键词: portfolio choice

摘要

Using the Panel Study of Income Dynamics, we document that controlling for observable characteristics, household investors' likelihood of entering the stock market within the ensuing five years is about 20% to 30% higher if their parents or children had entered the stock market during the previous five years. By eliminating competing hypotheses such as preference similarity and herding, we argue that these findings highlight the significance of information sharing regarding household financial decisions.