Informative social interactions
通过调查数据，研究社交圈内外的互动如何影响人们对金融工具回报的认知、预期和参与，发现社交联系通过提升对过去回报的认知准确性间接改善预期，并直接影响股票参与。
Household finances are confidential and discussions are limited to a subset of peers. We collect novel representative survey data to examine separately whether interactions with inner and outer social circles influence return perceptions, expectations, and exposure to a widely known financial instrument in a developed economy with multiple information sources. We find that a respondent’s connectedness, proxied by perceived prevalence of information or participation in the small financial circle, improves expectation accuracy indirectly, through boosting accuracy of perceived past returns; and influences stock participation and exposure not only by influencing expectations, but also directly.