Social Interaction in the Family: Evidence from Investors’ Security Holdings

Tutkimustuotos: LehtiartikkeliArticleScientificvertaisarvioitu


We show investors tend to hold the same securities as their parents. This intergenerational
correlation is stronger for mothers and family members who are more likely to communicate with
each other. An instrumental variables estimation and a natural experiment suggest the correlation
reflects social influence. This influence runs not only from parents to children, but also vice versa.
The resulting holdings of identical securities increase intergenerational correlations in portfolio
choice, exacerbate wealth inequality, and amplify the consequences of behavioral biases
JulkaisuReview of Finance
TilaHyväksytty/In press - 2022
OKM-julkaisutyyppiA1 Julkaistu artikkeli, soviteltu


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