家庭中的社会互动:来自投资者证券持有的证据

IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE
Samuli Knüpfer, Elias Rantapuska, Matti Sarvimäki
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引用次数: 0

摘要

我们显示,投资者倾向于持有与他们父母相同的证券。这种代际相关性在母亲和家庭成员中更强,因为他们更有可能相互交流。工具变量估计和自然实验表明,相关性反映了社会影响。这种影响不仅从父母到孩子,也从孩子到父母。由此产生的持有相同证券增加了投资组合选择中的代际相关性,加剧了财富不平等,并放大了行为偏差的后果。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Social Interaction in the Family: Evidence from Investors’ Security Holdings
We show investors tend to hold the same securities as their parents. This intergenerational correlation is stronger for mothers and family members who are more likely to communicate with each other. An instrumental variables estimation and a natural experiment suggest the correlation reflects social influence. This influence runs not only from parents to children, but also vice versa. The resulting holdings of identical securities increase intergenerational correlations in portfolio choice, exacerbate wealth inequality, and amplify the consequences of behavioral biases.
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来源期刊
Review of Finance
Review of Finance Multiple-
CiteScore
7.80
自引率
2.30%
发文量
67
期刊介绍: The Review of Finance, the official journal of the European Finance Association, aims at a wide circulation and visibility in the finance profession. The journal publishes high-quality papers in all areas of financial economics, both established and newly developing fields: • •Asset pricing •Corporate finance •Banking and market microstructure •Law and finance •Behavioral finance •Experimental finance Review of Finance occasionally publishes special issues on timely topics, including selected papers presented at the meetings of the European Finance Association or at other selected conferences in the field.
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