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Who’s listening? Heterogeneous Impact of Social Interaction on Individuals’ Stock Market Participation

Author

Listed:
  • Zetterdahl, Emma

    () (Department of Economics, Umeå School of Business and Economics)

  • Hellström, Jörgen

    () (Umeå School of Business and Economics)

Abstract

Novel evidence is provided indicating that the influence from family (parents and partners) and peer social interaction on individuals’ stock market participation vary over different types of individuals. Focusing on distinct features of concern for the social interaction process, results imply that individuals’ exposure to, and valuation of, stock market related social signals are of importance and thus, contribute to the understanding of the heterogeneous influence of social interaction. Overall, the results are interesting and enhance the understanding of the underlying mechanisms of social interaction on individuals’ financial decision making.

Suggested Citation

  • Zetterdahl, Emma & Hellström, Jörgen, 2015. "Who’s listening? Heterogeneous Impact of Social Interaction on Individuals’ Stock Market Participation," Umeå Economic Studies 904, Umeå University, Department of Economics.
  • Handle: RePEc:hhs:umnees:0904
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    More about this item

    Keywords

    Investor behavior; family effects; peer effects; financial literacy; social trust;

    JEL classification:

    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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