An Epidemic Model of Investor Behavior
I test whether social influence affects individual investors’ trading and stock returns. In each of the 20 most active stocks in Finland over 9 years, the number of owners in a municipality multiplied by the number of investors who do not own a stock, a measure of the rate of transmission of disease...
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| Veröffentlicht in: | Journal of financial and quantitative analysis 2010-02, Vol.45 (1), p.169-198 |
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| container_title | Journal of financial and quantitative analysis |
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| creator | Shive, Sophie |
| description | I test whether social influence affects individual investors’ trading and stock returns. In each of the 20 most active stocks in Finland over 9 years, the number of owners in a municipality multiplied by the number of investors who do not own a stock, a measure of the rate of transmission of diseases and rumors through social contact, predicts individual investor trading. I control for known determinants of trade, including daily news, and show that competing explanations for the relation are unlikely. Socially motivated trades predict stock returns, and the effects are not reversed, suggesting that individuals share useful information. Individuals’ susceptibility to social influence has declined during the period, but the opportunities for social influence have increased. |
| doi_str_mv | 10.1017/S0022109009990470 |
| format | Article |
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| fulltext | fulltext |
| identifier | ISSN: 0022-1090 |
| ispartof | Journal of financial and quantitative analysis, 2010-02, Vol.45 (1), p.169-198 |
| issn | 0022-1090 1756-6916 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_755158314 |
| source | Jstor Complete Legacy; Business Source Complete; Cambridge University Press Journals Complete |
| subjects | Capital returns Disease models Disease transmission Diseases Economic behaviour Epidemics Epidemiology Finance Finland Forecasts Influence Investors News Owners P values Public health Quantitative analysis Social influence Social interaction Social motivation Stock returns Stock sales Susceptibility Trade |
| title | An Epidemic Model of Investor Behavior |
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