Peer Effects in Stock Market Participation: Evidence from Immigration
利用卢森堡人口构成和不同移民群体股市参与差异，研究发现移民同伴的股市参与对本地人有显著影响，社会学习是渠道之一，但社会效用也可能起作用。
This paper studies how peers' financial behavior affects individuals' own investment choices. To identify the peer effect, we exploit the composition of the Luxembourg population and use the differences in stock market participation across various immigrant groups to study the effect on stock market participation of natives. We find that stock market participation of immigrant peers has a sizable effect on that of natives and that s ocial learning is one of the channels through which this peer effect occurs. However, social learning alone does not account for the entire effect. S ocial utility might, therefore, also play an important role in peer effect transmission.