Social Interaction and Stock‐Market Participation
提出社会互动影响股市参与，利用健康与退休研究发现社交活跃的家庭更可能投资股市，且社交效应在参与率高的地区更强。
ABSTRACT We propose that stock‐market participation is influenced by social interaction. In our model, any given “social” investor finds the market more attractive when more of his peers participate. We test this theory using data from the Health and Retirement Study, and find that social households—those who interact with their neighbors, or attend church—are substantially more likely to invest in the market than non‐social households, controlling for wealth, race, education, and risk tolerance. Moreover, consistent with a peer‐effects story, the impact of sociability is stronger in states where stock‐market participation rates are higher.