Information Sharing and Stock Market Participation: Evidence from Extended Families
利用美国收入动态面板研究数据，发现如果父母或子女在前五年进入股市，家庭投资者在未来五年入市的可能性高出20%到30%，表明信息共享在家庭金融决策中起重要作用。
Abstract Using the Panel Study of Income Dynamics, we document that controlling for observable characteristics, household investors' likelihood of entering the stock market within the ensuing five years is about 20% to 30% higher if their parents or children had entered the stock market during the previous five years. By eliminating competing hypotheses such as preference similarity and herding, we argue that these findings highlight the significance of information sharing regarding household financial decisions.