The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
Neighbors Matter: Causal Community Effects and Stock Market Participation
Open accessAbstract
This paper establishes a causal relation between an individual's decision whether to own stocks and average stock market participation of the individual's community. We instrument for the average ownership of an individual's community with lagged average ownership of the states in which one's nonnative neighbors were born. Combining this instrumental variables approach with controls for individual and community fixed effects, a broad set of time‐varying individual and community controls, and state‐year effects rules out alternative explanations. To further establish that word‐of‐mouth communication drives this causal effect, we show that the results are stronger in more sociable communities.
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Cites
Putnam, R. (2000) · doi:10.1145/358916.361990 · Cited by 17,114
Instrumental Variables Regression with Weak Instruments
Staiger, D., & Stock, J. (1994) · doi:10.3386/t0151 · Cited by 5,302 · cited 1×
“24 Staiger and Stock (1997) discuss the importance of having a strong correlation between the instruments and the endogenous regressors.”
By Force of Habit: A Consumption‐Based Explanation of Aggregate Stock Market Behavior
Campbell, J. Y., & Cochrane, J. H. (1999) · Journal of Political Economy · doi:10.1086/250059 · Cited by 5,210
Cited by
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Financial 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
(2014) · Econometrica · doi:10.3982/ecta11991 · Cited by 586
Financial literacy and its consequences: Evidence from Russia during the financial crisis
Klapper, L., Lusardi, A., & Panos, G. A. (2013) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2013.07.014 · Cited by 523
Financial literacy and retirement planning in Germany
BUCHER-KOENEN, T., & LUSARDI, A. (2011) · Journal of Pension Economics and Finance · doi:10.1017/s1474747211000485 · Cited by 513
Metadata
- Authors
- BROWN, J. R., IVKOVIĆ, Z., SMITH, P. A., & WEISBENNER, S.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2008-05-09
- Volume
- 63
- Issue
- 3
- Pages
- 1509-1531
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3123352023
- Cited by
- 701
- References
- 3
- FWCI
- 75.69
- Type
- journal article
- Language
- en
- Open access
- bronze
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- BROWN, J. R., IVKOVIĆ, Z., SMITH, P. A., & WEISBENNER, S. (2008). Neighbors Matter: Causal Community Effects and Stock Market Participation. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2008.01364.x
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
