Social interaction at work

• 成果类型: Article
• 署名作者: Hvide, Hans K.; Oestberg, Per
• 署名单位: University of Bergen; Centre for Economic Policy Research - UK; University of Aberdeen; University of Zurich; Swiss Finance Institute (SFI)
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2015.06.004
• 发表日期: 2015
• 页码: 628-652
• 关键词: individual investors; peer effects; Social interaction; Investment decisions; Stock selection

摘要

Stock market investment decisions of individuals are positively correlated with those of coworkers. Sorting of unobservably similar individuals to the same workplaces is unlikely to explain this pattern, as evidenced by the investment behavior of individuals who move between plants. Purchases made under stronger coworker purchase activity are not associated with higher returns. Moreover, social interaction appears to drive the purchase of within-industry stocks. Overall, we find a strong influence of coworkers on investment choices, but not an influence that improves the quality of investment decisions. (C) 2015 Elsevier B.V. All rights reserved.