Thy neighbor's portfolio: Word-of-mouth effects in the holdings and trades of money managers

• 成果类型: Article
• 署名作者: Hong, H; Kubik, JD; Stein, JC
• 署名单位: Princeton University; Syracuse University; Harvard University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/j.1540-6261.2005.00817.x
• 发表日期: 2005
• 页码: 2801-2824
• 关键词: Career concerns; MARKET; size; news

摘要

A mutual fund manager is more likely to buy (or sell) a particular stock in any quarter if other managers in the same city are buying (or selling) that same stock. This pattern shows up even when the fund manager and the stock in question are located far apart, so it is distinct from anything having to do with local preference. The evidence can be interpreted in terms of an epidemic model in which investors spread information about stocks to one another by word of mouth.