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Trading for Status

Hong, Harrison - ; Wenxi Jiang - ; Na Wang - ; Bin Zhao - ;

We show that Keeping-up-with-the-Joneses preferences can explain several puzzling retail investor behaviors, including the excessive trading of small local stocks. Status concerns lead households, especially those living in affluent areas, to demand these stocks to track their neighbors' wealth. This demand varies pro-cyclically with the stock market's value and generates household trading. Using Chinese data on local stock turnover, stock message boards and brokerage account trading, we test and confirm this hypothesis by exploiting the uneven rise of affluence across Chinese cities between 1998 and 2012..Printed Journal


Ketersediaan

Call NumberLocationAvailable
RFS2711PSB lt.dasar - Pascasarjana1
PenerbitOxford: Oxford University Press
Edisi-
Subjek-
ISBN/ISSN8939454
Klasifikasi-
Deskripsi Fisik-
Info Detail Spesifik-
Other Version/RelatedTidak tersedia versi lain
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