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Seasonally Varying Preferences: Theoretical Foundations for an Empirical Regularity 季节变化的偏好:经验规律的理论基础
Individual Investor Behavior Pub Date : 2014-01-01 DOI: 10.2139/ssrn.1787762
M. Kamstra, Lisa A. Kramer, M. Levi, Tan Wang
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引用次数: 42
Do Investors Buy What They Know? Product Market Choices and Investment Decisions 投资者会买他们知道的东西吗?产品市场选择与投资决策
Individual Investor Behavior Pub Date : 2012-03-20 DOI: 10.2139/ssrn.1670013
M. Keloharju, Samuli Knüpfer, Juhani T. Linnainmaa
{"title":"Do Investors Buy What They Know? Product Market Choices and Investment Decisions","authors":"M. Keloharju, Samuli Knüpfer, Juhani T. Linnainmaa","doi":"10.2139/ssrn.1670013","DOIUrl":"https://doi.org/10.2139/ssrn.1670013","url":null,"abstract":"This article shows that individuals' product market choices influence their investment decisions. Using microdata from the brokerage and automotive industries, we find a strong positive relation between customer relationship, ownership of a company, and size of the ownership stake. Investors are also more likely to purchase and less likely to sell shares of companies they frequent as customers. These effects are stronger for individuals with longer customer relationships. A merger-based natural experiment supports a causal interpretation of our results. We also find evidence of causality in the other direction: inheritances and gifts have an effect on individuals' patronage decisions. A setup in which customer-investors regard stocks as consumption goods, not just as investments, seems to best explain our results. (JEL G11, G24, D83) The Author 2012. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com., Oxford University Press.","PeriodicalId":260989,"journal":{"name":"Individual Investor Behavior","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115097497","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 94
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