Trading for Status
研究发现，攀比偏好（Keeping-Up-with-the-Joneses）能解释散户投资者过度交易本地小盘股等异常行为，尤其富裕地区居民为追踪邻居财富而交易，且该需求随股市周期波动。利用中国数据验证了假设。
We show that Keeping-Up-with-the-Joneses preferences can explain several puzzling retail investor behaviors, including the excessive trading of small local stocks. Status concerns lead households, especially those living in affluent areas, to demand these stocks to track their neighbors' wealth. This demand varies procyclically with the stock market's value and generates household trading. Using Chinese data on local stock turnover, stock message boards, and brokerage account trading, we test and confirm this hypothesis by exploiting the uneven rise of affluence across Chinese cities between 1998 and 2012.