活跃的交易和（糟糕的）表现：社会传播渠道

IF 10.4 1区经济学 Q1 BUSINESS, FINANCE

Journal of Financial Economics Pub Date : 2023-10-01 DOI:10.1016/j.jfineco.2023.103706

Laura Escobar , Alvaro Pedraza

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引用次数: 0

摘要

我们研究了社会互动对股票交易的影响。利用股票交易的独特数据，我们利用金融培训项目中学生的准随机分配，来确定同伴体验如何影响投资者行为。我们发现，与同伴的损失相比，个体对同伴的收获反应更大。参加同龄人有积极结果的课程的学生：（i）更有可能开始交易，（ii）购买与同学相似的股票，以及（iii）不成比例地被回报率极高的股票所吸引。这些股票的后续回报率较低，新投资者对同行收益的反应不如其他投资者。

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Active trading and (poor) performance: The social transmission channel

We study the influence from social interactions on equity trading. Using unique data on stock transactions, we exploit the quasi-random assignment of students to classrooms in a financial training program to identify how peer experience affects investor behavior. We find that individuals react more to peer gains than to peer losses. Students enrolled in courses where peers have positive outcomes: (i) are more likely to start trading, (ii) purchase similar stocks as their classmates, and (iii) are disproportionally attracted to stocks with extreme returns. These stocks have low subsequent returns, and new investors reacting to peer gains underperform other investors.

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来源期刊

Journal of Financial Economics Multiple-

CiteScore

15.80

自引率

4.50%

发文量

192

审稿时长

37 days

期刊介绍： The Journal of Financial Economics provides a specialized forum for the publication of research in the area of financial economics and the theory of the firm, placing primary emphasis on the highest quality analytical, empirical, and clinical contributions in the following major areas: capital markets, financial institutions, corporate finance, corporate governance, and the economics of organizations.