The impact of peer returns in social trading

IF 4.3 2区经济学 Q1 BUSINESS, FINANCE

Journal of Behavioral and Experimental Finance Pub Date : 2025-05-16 DOI:10.1016/j.jbef.2025.101057

Nina Klocke , Daniel Müller-Okesson , Tim Hasso , Matthias Pelster

引用次数: 0

Abstract

This paper studies the impact of peers’ performance on social traders’ trading behavior. We analyze a large sample of trading records from a social trading brokerage service that allows its investors to interact with their peers in a social-media-like setting. We investigate how individuals’ trading activities change with respect to the outcomes of their peers in the network. We show that investors’ trading activities increase in their peers’ trading performance. As a result, the trading performance decreases, and the volatility of returns increases. We exploit plausibly unexpected performance shocks to address the endogeneity concern inherent in the analysis of peer effects.

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同伴回报在社会交易中的影响

本文研究同伴绩效对社会交易者交易行为的影响。我们分析了来自社交交易经纪服务的大量交易记录样本，该服务允许投资者在类似社交媒体的环境中与同行互动。我们调查了个人的交易活动如何随着网络中同伴的结果而变化。我们表明，投资者的交易活动增加了他们的同行的交易业绩。因此，交易绩效下降，收益波动性增大。我们利用看似意外的绩效冲击来解决同行效应分析中固有的内生性问题。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Behavioral and Experimental Finance BUSINESS, FINANCE-

CiteScore

13.20

自引率

6.10%

发文量

审稿时长

69 days

期刊介绍： Behavioral and Experimental Finance represent lenses and approaches through which we can view financial decision-making. The aim of the journal is to publish high quality research in all fields of finance, where such research is carried out with a behavioral perspective and / or is carried out via experimental methods. It is open to but not limited to papers which cover investigations of biases, the role of various neurological markers in financial decision making, national and organizational culture as it impacts financial decision making, sentiment and asset pricing, the design and implementation of experiments to investigate financial decision making and trading, methodological experiments, and natural experiments. Journal of Behavioral and Experimental Finance welcomes full-length and short letter papers in the area of behavioral finance and experimental finance. The focus is on rapid dissemination of high-impact research in these areas.