Teachers Teaching Teachers: The Role of Workplace Peer Effects in Financial Decisions
利用德克萨斯州教师教学时间表识别同伴群体，发现同事的再融资活动使教师再融资可能性提高20.7%，且影响随潜在储蓄增加而增强，对年轻教师更显著。
Abstract This paper studies the role of workplace peers in the transmission of information pertinent to an important household financial decision: the mortgage refinancing choice. Exploiting commonalities in teaching schedules of school teachers in Texas to identify peer groups, we find that refinancing activity among teachers’ peers increases their likelihood of refinancing by 20.7%. The effect of peers increases with the potential savings realized upon refinancing and is stronger among younger teachers. Peers also affect teachers’ choice of lender. Overall, our findings suggest that peer interactions greatly reduce a household’s cost of acquiring and processing financial information. Received March 6, 2017; editorial decision July 31, 2018 by Editor Itay Goldstein. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.