Learning from Coworkers: Peer Effects on Individual Investment Decisions
利用员工股票购买计划的独特数据，研究发现公司内同事的投资选择显著影响员工个人的参与和交易决策，且高信息员工会放大这种同伴效应，表明网络和针对性投资者教育有助于改善财务决策。
ABSTRACT Using unique data on employee stock purchase plans (ESPPs), we examine the influence of networks on investment decisions. Comparing employees within a firm during the same election window with metro area fixed effects, we find that the choices of coworkers in the firm's ESPP exert a significant influence on employees’ own decisions to participate and trade. Moreover, we find that the presence of high‐information employees magnifies the effects of peer networks. Given participation in an ESPP is value‐maximizing, our analysis suggests the potential of networks and targeted investor education to improve financial decision‐making.