메뉴 건너뛰기




Volumn 104, Issue 2, 2012, Pages 321-338

Peer performance and stock market entry

Author keywords

Investor behavior; Peer effect; Social influence; Social interaction; Stock market participation

Indexed keywords


EID: 84858156747     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jfineco.2011.01.010     Document Type: Article
Times cited : (278)

References (86)
  • 1
    • 0003007882 scopus 로고
    • Asset prices under habit formation and catching up with the Joneses
    • Abel A.A. Asset prices under habit formation and catching up with the Joneses. American Economic Review 1990, 80:38-42.
    • (1990) American Economic Review , vol.80 , pp. 38-42
    • Abel, A.A.1
  • 2
    • 0039782101 scopus 로고    scopus 로고
    • The effects of investing Social Security funds in the stock market when fixed costs prevent some households from holding stocks
    • Abel A.A. The effects of investing Social Security funds in the stock market when fixed costs prevent some households from holding stocks. American Economic Review 2001, 91:128-148.
    • (2001) American Economic Review , vol.91 , pp. 128-148
    • Abel, A.A.1
  • 3
    • 0001107510 scopus 로고
    • A theory of social custom, of which unemployment may be one consequence
    • Akerlof G.A. A theory of social custom, of which unemployment may be one consequence. Quarterly Journal of Economics 1976, 94:749-775.
    • (1976) Quarterly Journal of Economics , vol.94 , pp. 749-775
    • Akerlof, G.A.1
  • 4
    • 78049260738 scopus 로고
    • The economic consequences of cognitive dissonance
    • Akerlof G.A., Dickens W.T. The economic consequences of cognitive dissonance. American Economic Review 1982, 72:307-319.
    • (1982) American Economic Review , vol.72 , pp. 307-319
    • Akerlof, G.A.1    Dickens, W.T.2
  • 5
    • 0041360394 scopus 로고    scopus 로고
    • When does the market matter? Stock prices and the investment of equity-dependent firms
    • Baker M., Stein J., Wurgler J. When does the market matter? Stock prices and the investment of equity-dependent firms. Quarterly Journal of Economics 2003, 118:969-1006.
    • (2003) Quarterly Journal of Economics , vol.118 , pp. 969-1006
    • Baker, M.1    Stein, J.2    Wurgler, J.3
  • 7
    • 0029799404 scopus 로고    scopus 로고
    • The spirit of capitalism and stock market prices
    • Bakshi G., Chen Z. The spirit of capitalism and stock market prices. American Economic Review 1996, 86:133-157.
    • (1996) American Economic Review , vol.86 , pp. 133-157
    • Bakshi, G.1    Chen, Z.2
  • 10
    • 0037497348 scopus 로고    scopus 로고
    • Trading is hazardous to your wealth: the common stock investment performance of individual investors
    • Barber B.M., Odean T. Trading is hazardous to your wealth: the common stock investment performance of individual investors. Journal of Finance 2000, 55:773-806.
    • (2000) Journal of Finance , vol.55 , pp. 773-806
    • Barber, B.M.1    Odean, T.2
  • 12
    • 58749084106 scopus 로고    scopus 로고
    • Place of work and place of residence: informal hiring networks and labor market outcomes
    • Bayer P., Ross S.L., Topa G. Place of work and place of residence: informal hiring networks and labor market outcomes. Journal of Political Economy 2008, 116:1150-1196.
    • (2008) Journal of Political Economy , vol.116 , pp. 1150-1196
    • Bayer, P.1    Ross, S.L.2    Topa, G.3
  • 13
    • 84974183585 scopus 로고
    • What to do (and not to do) with time series cross section data
    • Beck N., Katz J. What to do (and not to do) with time series cross section data. American Political Science Review 1995, 89:634-647.
    • (1995) American Political Science Review , vol.89 , pp. 634-647
    • Beck, N.1    Katz, J.2
  • 14
    • 33645317160 scopus 로고    scopus 로고
    • Time Series Cross Section Issues: Dynamics
    • Unpublished Working Paper, New York University and California Institute of Technology.
    • Beck, N., Katz, J., 2004. Time Series Cross Section Issues: Dynamics. Unpublished Working Paper, New York University and California Institute of Technology.
    • (2004)
    • Beck, N.1    Katz, J.2
  • 17
    • 43649091935 scopus 로고    scopus 로고
    • Neighbors matter: causal community effects and stock market participation
    • Brown J.R., Ivković Z., Smith P.A., Weisbenner S.J. Neighbors matter: causal community effects and stock market participation. Journal of Finance 2008, 63:1509-1531.
    • (2008) Journal of Finance , vol.63 , pp. 1509-1531
    • Brown, J.R.1    Ivković, Z.2    Smith, P.A.3    Weisbenner, S.J.4
  • 18
    • 62949214695 scopus 로고    scopus 로고
    • Do wealth fluctuations generate time-varying risk aversion? Micro-evidence on individuals' asset allocation
    • Brunnermeier M., Nagel S. Do wealth fluctuations generate time-varying risk aversion? Micro-evidence on individuals' asset allocation. American Economic Review 2008, 98:713-736.
    • (2008) American Economic Review , vol.98 , pp. 713-736
    • Brunnermeier, M.1    Nagel, S.2
  • 19
  • 20
    • 73649135054 scopus 로고    scopus 로고
    • Observational learning: evidence from a randomized natural field experiment
    • Cai H., Chen Y., Fang H. Observational learning: evidence from a randomized natural field experiment. American Economic Review 2009, 99:864-882.
    • (2009) American Economic Review , vol.99 , pp. 864-882
    • Cai, H.1    Chen, Y.2    Fang, H.3
  • 21
    • 51249168801 scopus 로고
    • The social learning of tool use by orangutans (pongo pygmaeus)
    • Call J., Tomasello M. The social learning of tool use by orangutans (pongo pygmaeus). Human Evolution 1994, 9:297-313.
    • (1994) Human Evolution , vol.9 , pp. 297-313
    • Call, J.1    Tomasello, M.2
  • 22
    • 79960236100 scopus 로고    scopus 로고
    • Taking the road less traveled by: does conversation eradicate pernicious cascades?
    • Cao H.H., Han B., Hirshleifer D. Taking the road less traveled by: does conversation eradicate pernicious cascades?. Journal of Economic Theory 2011, 146:1418-1436.
    • (2011) Journal of Economic Theory , vol.146 , pp. 1418-1436
    • Cao, H.H.1    Han, B.2    Hirshleifer, D.3
  • 25
    • 77952380684 scopus 로고    scopus 로고
    • Learning about a new technology: pineapple in Ghana
    • Conley T.G., Udry C.R. Learning about a new technology: pineapple in Ghana. American Economic Review 2010, 100:35-69.
    • (2010) American Economic Review , vol.100 , pp. 35-69
    • Conley, T.G.1    Udry, C.R.2
  • 28
    • 0007884883 scopus 로고    scopus 로고
    • Home bias at home: local equity preference in domestic portfolios
    • Coval J.D., Moskowitz T.J. Home bias at home: local equity preference in domestic portfolios. Journal of Finance 1999, 54:2045-2074.
    • (1999) Journal of Finance , vol.54 , pp. 2045-2074
    • Coval, J.D.1    Moskowitz, T.J.2
  • 29
    • 4344713175 scopus 로고    scopus 로고
    • Diversification as a public good: community effects in portfolio choice
    • DeMarzo P.M., Kaniel R., Kremer I. Diversification as a public good: community effects in portfolio choice. Journal of Finance 2004, 59:1677-1715.
    • (2004) Journal of Finance , vol.59 , pp. 1677-1715
    • DeMarzo, P.M.1    Kaniel, R.2    Kremer, I.3
  • 30
    • 12344291905 scopus 로고    scopus 로고
    • IPO pricing in "hot" market conditions: who leaves money on the table?
    • Derrien F. IPO pricing in "hot" market conditions: who leaves money on the table?. Journal of Finance 2005, 60:487-521.
    • (2005) Journal of Finance , vol.60 , pp. 487-521
    • Derrien, F.1
  • 31
    • 0036274971 scopus 로고    scopus 로고
    • Participation and investment decisions in a retirement plan: the influence of colleagues' choices
    • Duflo E., Saez E. Participation and investment decisions in a retirement plan: the influence of colleagues' choices. Journal of Public Economics 2002, 85:121-148.
    • (2002) Journal of Public Economics , vol.85 , pp. 121-148
    • Duflo, E.1    Saez, E.2
  • 33
    • 84971128543 scopus 로고
    • Learning from experience and suboptimal rules in decision making
    • Lawrence Erlbaum Associates, Hillsdale, NJ, T.S. Wallsten (Ed.)
    • Einhorn H.J. Learning from experience and suboptimal rules in decision making. Cognitive Processes in Choice and Decision Behavior 1980, 1-20. Lawrence Erlbaum Associates, Hillsdale, NJ. T.S. Wallsten (Ed.).
    • (1980) Cognitive Processes in Choice and Decision Behavior , pp. 1-20
    • Einhorn, H.J.1
  • 37
    • 0029475837 scopus 로고
    • Learning by doing and learning from others: human capital and technical change in agriculture
    • Foster A.D., Rosenzweig M.R. Learning by doing and learning from others: human capital and technical change in agriculture. Journal of Political Economy 1995, 103:1176-1209.
    • (1995) Journal of Political Economy , vol.103 , pp. 1176-1209
    • Foster, A.D.1    Rosenzweig, M.R.2
  • 38
    • 21344485460 scopus 로고
    • Keeping up with the Joneses: consumption externalities, portfolio choice, and asset prices
    • Gali J. Keeping up with the Joneses: consumption externalities, portfolio choice, and asset prices. Journal of Money, Credit, and Banking 1994, 26:1-8.
    • (1994) Journal of Money, Credit, and Banking , vol.26 , pp. 1-8
    • Gali, J.1
  • 40
    • 3242658272 scopus 로고    scopus 로고
    • Fixed effects and bias due to the incidental parameters problem in the Tobit model
    • Greene W. Fixed effects and bias due to the incidental parameters problem in the Tobit model. Econometric Reviews 2004, 23:125-147.
    • (2004) Econometric Reviews , vol.23 , pp. 125-147
    • Greene, W.1
  • 42
    • 0000153011 scopus 로고
    • Hybrid corn: an exploration in the economics of technological change
    • Griliches Z. Hybrid corn: an exploration in the economics of technological change. Econometrica 1957, 25:501-522.
    • (1957) Econometrica , vol.25 , pp. 501-522
    • Griliches, Z.1
  • 43
    • 0033634041 scopus 로고    scopus 로고
    • The investment behavior and performance of various investor types: a study of Finland's unique data set
    • Grinblatt M., Keloharju M. The investment behavior and performance of various investor types: a study of Finland's unique data set. Journal of Financial Economics 2000, 55:43-67.
    • (2000) Journal of Financial Economics , vol.55 , pp. 43-67
    • Grinblatt, M.1    Keloharju, M.2
  • 44
    • 0039699515 scopus 로고    scopus 로고
    • How distance, language, and culture influence stockholdings and trades
    • Grinblatt M., Keloharju M. How distance, language, and culture influence stockholdings and trades. Journal of Finance 2001, 56:1053-1073.
    • (2001) Journal of Finance , vol.56 , pp. 1053-1073
    • Grinblatt, M.1    Keloharju, M.2
  • 45
    • 55549132290 scopus 로고    scopus 로고
    • Social influence and consumption: evidence from the automobile purchases of neighbors
    • Grinblatt M., Keloharju M., Ikäheimo S. Social influence and consumption: evidence from the automobile purchases of neighbors. Review of Economics and Statistics 2008, 90:735-753.
    • (2008) Review of Economics and Statistics , vol.90 , pp. 735-753
    • Grinblatt, M.1    Keloharju, M.2    Ikäheimo, S.3
  • 46
    • 0037390757 scopus 로고    scopus 로고
    • Household stockholding in Europe: where do we stand and where do we go?
    • Guiso L., Haliassos M., Jappelli T. Household stockholding in Europe: where do we stand and where do we go?. Economic Policy 2003, 18:123-170.
    • (2003) Economic Policy , vol.18 , pp. 123-170
    • Guiso, L.1    Haliassos, M.2    Jappelli, T.3
  • 47
  • 48
    • 84858152388 scopus 로고    scopus 로고
    • Self-enhancing Transmission Bias and Active Investing
    • Unpublished Working Paper, University of California, Irvine.
    • Hirshleifer, D., 2011. Self-enhancing Transmission Bias and Active Investing. Unpublished Working Paper, University of California, Irvine.
    • (2011)
    • Hirshleifer, D.1
  • 49
    • 1642371058 scopus 로고    scopus 로고
    • Social interaction and stock market participation
    • Hong H., Kubik J.D., Stein J.C. Social interaction and stock market participation. Journal of Finance 2004, 59:137-163.
    • (2004) Journal of Finance , vol.59 , pp. 137-163
    • Hong, H.1    Kubik, J.D.2    Stein, J.C.3
  • 50
    • 28244500535 scopus 로고    scopus 로고
    • Thy neighbor's portfolio: word-of-mouth effects in the holdings and trades of money managers
    • Hong H., Kubik J.D., Stein J.C. Thy neighbor's portfolio: word-of-mouth effects in the holdings and trades of money managers. Journal of Finance 2005, 60:2801-2824.
    • (2005) Journal of Finance , vol.60 , pp. 2801-2824
    • Hong, H.1    Kubik, J.D.2    Stein, J.C.3
  • 52
  • 53
    • 55949118727 scopus 로고    scopus 로고
    • Do investors overweight personal experience? Evidence from IPO subscriptions
    • Kaustia M., Knüpfer S. Do investors overweight personal experience? Evidence from IPO subscriptions. Journal of Finance 2008, 63:2679-2702.
    • (2008) Journal of Finance , vol.63 , pp. 2679-2702
    • Kaustia, M.1    Knüpfer, S.2
  • 56
    • 33745721800 scopus 로고    scopus 로고
    • Retail investor sentiment and return comovements
    • Kumar A., Lee C. Retail investor sentiment and return comovements. Journal of Finance 2006, 61:2451-2486.
    • (2006) Journal of Finance , vol.61 , pp. 2451-2486
    • Kumar, A.1    Lee, C.2
  • 57
    • 0013020712 scopus 로고    scopus 로고
    • Can the market add and subtract? Mispricing in tech stock carve-outs
    • Lamont O.A., Thaler R.H. Can the market add and subtract? Mispricing in tech stock carve-outs. Journal of Political Economy 2003, 111:227-268.
    • (2003) Journal of Political Economy , vol.111 , pp. 227-268
    • Lamont, O.A.1    Thaler, R.H.2
  • 59
    • 27944492592 scopus 로고    scopus 로고
    • Hot markets, investor sentiment, and IPO pricing
    • Ljungqvist A., Nanda V., Singh R. Hot markets, investor sentiment, and IPO pricing. Journal of Business 2006, 79:1667-1702.
    • (2006) Journal of Business , vol.79 , pp. 1667-1702
    • Ljungqvist, A.1    Nanda, V.2    Singh, R.3
  • 60
    • 0037213577 scopus 로고    scopus 로고
    • Why does IPO volume fluctuate so much?
    • Lowry M. Why does IPO volume fluctuate so much?. Journal of Financial Economics 2003, 67:3-40.
    • (2003) Journal of Financial Economics , vol.67 , pp. 3-40
    • Lowry, M.1
  • 61
    • 79955432995 scopus 로고    scopus 로고
    • Depression babies: do macroeconomic experiences affect risk-taking?
    • Malmendier U., Nagel S. Depression babies: do macroeconomic experiences affect risk-taking?. Quarterly Journal of Economics 2011, 126:373-416.
    • (2011) Quarterly Journal of Economics , vol.126 , pp. 373-416
    • Malmendier, U.1    Nagel, S.2
  • 62
  • 63
    • 84960575613 scopus 로고
    • Identification of endogenous social effects: the reflection problem
    • Manski C.F. Identification of endogenous social effects: the reflection problem. Review of Economic Studies 1993, 60:531-542.
    • (1993) Review of Economic Studies , vol.60 , pp. 531-542
    • Manski, C.F.1
  • 64
    • 0001492249 scopus 로고    scopus 로고
    • Economic analysis of social interactions
    • Manski C.F. Economic analysis of social interactions. Journal of Economic Perspectives 2000, 14:115-136.
    • (2000) Journal of Economic Perspectives , vol.14 , pp. 115-136
    • Manski, C.F.1
  • 65
    • 0000148018 scopus 로고    scopus 로고
    • Consumers' evaluation of new products: learning from self and others
    • McFadden D.L., Train K.E. Consumers' evaluation of new products: learning from self and others. Journal of Political Economy 1996, 104:683-703.
    • (1996) Journal of Political Economy , vol.104 , pp. 683-703
    • McFadden, D.L.1    Train, K.E.2
  • 67
    • 0942278129 scopus 로고    scopus 로고
    • Social learning in a heterogenous population: technology diffusion in the Indian green revolution
    • Munshi K. Social learning in a heterogenous population: technology diffusion in the Indian green revolution. Journal of Development Economics 2004, 73:185-213.
    • (2004) Journal of Development Economics , vol.73 , pp. 185-213
    • Munshi, K.1
  • 68
    • 0002944790 scopus 로고
    • Popular induction: information is not necessarily informative
    • Lawrence Erlbaum Associates, Hillsdale, NJ, J.S. Carroll, J.W. Payne (Eds.)
    • Nisbett R.E., Borgida E., Crandall R., Reed H. Popular induction: information is not necessarily informative. Cognition and Social Behavior 1976, 95-112. Lawrence Erlbaum Associates, Hillsdale, NJ. J.S. Carroll, J.W. Payne (Eds.).
    • (1976) Cognition and Social Behavior , pp. 95-112
    • Nisbett, R.E.1    Borgida, E.2    Crandall, R.3    Reed, H.4
  • 69
    • 0001242340 scopus 로고    scopus 로고
    • Do investors trade too much?
    • Odean T. Do investors trade too much?. American Economic Review 1999, 89:1279-1298.
    • (1999) American Economic Review , vol.89 , pp. 1279-1298
    • Odean, T.1
  • 70
    • 0031501451 scopus 로고    scopus 로고
    • Boom and bust patterns in the adoption of financial innovations
    • Persons J.C., Warther V.A. Boom and bust patterns in the adoption of financial innovations. Review of Financial Studies 1997, 10:939-967.
    • (1997) Review of Financial Studies , vol.10 , pp. 939-967
    • Persons, J.C.1    Warther, V.A.2
  • 71
    • 84892702170 scopus 로고    scopus 로고
    • Estimating standard errors in finance panel data sets: comparing approaches
    • Petersen M. Estimating standard errors in finance panel data sets: comparing approaches. Review of Financial Studies 2009, 22:435-480.
    • (2009) Review of Financial Studies , vol.22 , pp. 435-480
    • Petersen, M.1
  • 72
    • 84890365966 scopus 로고    scopus 로고
    • The stock market and corporate investment: a test of catering theory
    • Polk C., Sapienza P. The stock market and corporate investment: a test of catering theory. Review of Financial Studies 2009, 22:187-217.
    • (2009) Review of Financial Studies , vol.22 , pp. 187-217
    • Polk, C.1    Sapienza, P.2
  • 73
  • 74
    • 0002860329 scopus 로고    scopus 로고
    • Analyst following of initial public offerings
    • Rajan R.G., Servaes H. Analyst following of initial public offerings. Journal of Finance 1997, 52:507-529.
    • (1997) Journal of Finance , vol.52 , pp. 507-529
    • Rajan, R.G.1    Servaes, H.2
  • 75
    • 0005508977 scopus 로고    scopus 로고
    • Peer effects with random assignment: results for Dartmouth roommates
    • Sacerdote B. Peer effects with random assignment: results for Dartmouth roommates. Quarterly Journal of Economics 2001, 116:681-704.
    • (2001) Quarterly Journal of Economics , vol.116 , pp. 681-704
    • Sacerdote, B.1
  • 78
    • 0002393332 scopus 로고
    • Market volatility and investor behavior
    • Shiller R.J. Market volatility and investor behavior. American Economic Review 1990, 80:58-62.
    • (1990) American Economic Review , vol.80 , pp. 58-62
    • Shiller, R.J.1
  • 81
    • 34748918343 scopus 로고    scopus 로고
    • Social learning and health plan choice
    • Sorensen A.T. Social learning and health plan choice. RAND Journal of Economics 2006, 37:929-945.
    • (2006) RAND Journal of Economics , vol.37 , pp. 929-945
    • Sorensen, A.T.1
  • 82
    • 0035993082 scopus 로고    scopus 로고
    • Stock market wealth and consumer spending
    • Starr-McCluer M. Stock market wealth and consumer spending. Economic Inquiry 2002, 40:69-79.
    • (2002) Economic Inquiry , vol.40 , pp. 69-79
    • Starr-McCluer, M.1
  • 84
    • 21244486622 scopus 로고    scopus 로고
    • Perspectives on behavioral finance: does "irrationality" disappear with wealth? Evidence from expectations and actions. National Bureau of Economic Research Macroeconomics Annual
    • Vissing-Jørgensen, A., 2003. Perspectives on behavioral finance: does "irrationality" disappear with wealth? Evidence from expectations and actions. National Bureau of Economic Research Macroeconomics Annual, pp. 139-208.
    • (2003) , pp. 139-208
    • Vissing-Jørgensen, A.1
  • 85
    • 0000075449 scopus 로고    scopus 로고
    • Social interactions and habit formation in a model of female labour supply
    • Woittiez I., Kapteyn A. Social interactions and habit formation in a model of female labour supply. Journal of Public Economics 1998, 70:185-205.
    • (1998) Journal of Public Economics , vol.70 , pp. 185-205
    • Woittiez, I.1    Kapteyn, A.2
  • 86
    • 0037319467 scopus 로고    scopus 로고
    • Peer effects in academic outcomes: evidence from a natural experiment
    • Zimmerman D.J. Peer effects in academic outcomes: evidence from a natural experiment. Review of Economics and Statistics 2003, 85:9-23.
    • (2003) Review of Economics and Statistics , vol.85 , pp. 9-23
    • Zimmerman, D.J.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.