题目: Peer Effects in Investor Trading Decisions: Evidence from a Natural Experiment
演讲者： 吴飞博士新西兰Massey大学金融系高级讲师
时间: 2006年6月2日（星期五）3：00—4：30 PM
地点: 嘉庚二513
参加者: 对财务研究有兴趣的广大师生
主持人： 屈文洲老师
报告论文摘要:
This study examines for evidence of peer effects, via word-of-mouth communication, in investor trading decisions. It exploits a unique setting in China in that groups of individual investors are in the same trading room at the time they place their stock orders. We find strong word-of-mouth effects in the trading decisions of these Chinese individual investors. The effect is stronger in investor buys than investor sells of locally-headquartered stocks, while it is stronger in investor sells of non-locally headquartered stocks. The results are robust to several alternative interpretations associated with stock visibility and familiarity, within-branch bias, location, local bias, firm size, and calendar effects. In contrast to existing studies, we find the word-of-mouth influence be mainly dominated by the nearest neighbors from the same branch and not by those from different branches located even in the same city. Hence physical proximity that facilitates frequent personal interactions between individual investors does matter for peer effects in trading decisions.
吴飞博士简介：
吴飞博士先后获华南理工大学学士学位，英国阿伯丁大学财务与投资学硕士学位及爱尔兰都柏林大学财务学博士学位，现任教于新西兰Massey大学金融系。他现为AFA(American Finance Association) 和FMAI ( Financial Management Association International ) 会员。
