The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Social Interaction and Stock‐Market Participation
Abstract
We propose that stock‐market participation is influenced by social interaction. In our model, any given “social” investor finds the market more attractive when more of his peers participate. We test this theory using data from the Health and Retirement Study, and find that social households—those who interact with their neighbors, or attend church—are substantially more likely to invest in the market than non‐social households, controlling for wealth, race, education, and risk tolerance. Moreover, consistent with a peer‐effects story, the impact of sociability is stronger in states where stock‐market participation rates are higher.
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Cites
Bowling Alone: America's Declining Social Capital
Putnam, R. D. (1995) · Journal of Democracy · doi:10.1353/jod.1995.0002 · Cited by 14,037
Barsky, R. B., Juster, F. T., Kimball, M. S., & Shapiro, M. D. (1997) · The Quarterly Journal of Economics · doi:10.1162/003355397555280 · Cited by 2,400
Cited by
Financial literacy and stock market participation
van Rooij, M., Lusardi, A., & Alessie, R. (2011) · Journal of Financial Economics · doi:10.1016/j.jfineco.2011.03.006 · Cited by 3,554
The price of sin: The effects of social norms on markets
Hong, H., & Kacperczyk, M. (2009) · Journal of Financial Economics · doi:10.1016/j.jfineco.2008.09.001 · Cited by 2,601
Self-citationFinancial Literacy among the Young
LUSARDI, A., MITCHELL, O. S., & CURTO, V. (2010) · Journal of Consumer Affairs · doi:10.1111/j.1745-6606.2010.01173.x · Cited by 1,804
Wisdom of Crowds: The Value of Stock Opinions Transmitted Through Social Media
Chen, H., De, P., Hu, Y. (., & Hwang, B.-H. (2014) · Review of Financial Studies · doi:10.1093/rfs/hhu001 · Cited by 1,251
(2014) · Econometrica · doi:10.3982/ecta11991 · Cited by 586
Metadata
- Authors
- Hong, H., Kubik, J. D., & Stein, J. C.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2004-02
- Volume
- 59
- Issue
- 1
- Pages
- 137-163
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3123675459
- Cited by
- 1,823
- References
- 2
- FWCI
- 147.17
- Type
- journal article
- Language
- en
- Open access
- closed
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