Peer Effects in the Trading Decisions of Individual Investors
研究中国个人投资者交易决策中的同群效应，发现同一营业部的投资者通过口头交流相互影响交易决策，而同一城市不同营业部的投资者之间则无此效应。
This study examines for evidence of peer effects in the trading decisions of individual investors from Mainland China, a country whose cultural and social structures are vastly different from those of Western countries. Cultural differences, as widely documented, play a significant role in social interactions and word‐of‐mouth behavior. In contrast to US studies, we find robust evidence that the trading decisions of Chinese investors are influenced, via word of mouth, by those of their peers who maintain brokerage accounts at the same branch, but not by those whose accounts are maintained at another branch located in the same city.