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Social Interaction and Stock Market Participation: Evidence from British Panel Data

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  • Brown, Sarah

    ()
    (University of Sheffield)

  • Taylor, Karl

    ()
    (University of Sheffield)

Abstract

This paper uses data from the British National Child Development Study to investigate the relationship between social interaction and participation in the stock market through holding stocks and/or shares at the individual level. In accordance with the existing literature, the results reveal that a positive relationship exists between social interaction and stock market participation, when both are measured concurrently. Furthermore, this relationship prevails across a range of measures of social interaction and social capital. In addition, we make a potentially important contribution to the existing literature by exploiting the panel nature of the data in order to explore the robustness of the cross-sectional findings. We find that the positive relationship between stock market participation and social interaction prevails within a fixed effects logit framework, which controls for time invariant unobserved effects.

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Bibliographic Info

Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 4886.

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Length: 29 pages
Date of creation: Apr 2010
Date of revision:
Handle: RePEc:iza:izadps:dp4886

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Keywords: social capital; social interaction; stock market participation;

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Cited by:
  1. Białkowski, Jędrzej & Etebari, Ahmad & Wisniewski, Tomasz Piotr, 2012. "Fast profits: Investor sentiment and stock returns during Ramadan," Journal of Banking & Finance, Elsevier, vol. 36(3), pages 835-845.

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