Scandinavian Working Papers in Economics

Umeå Economic Studies,
Umeå University, Department of Economics

No 904: Who’s listening? Heterogeneous Impact of Social Interaction on Individuals’ Stock Market Participation

Emma Zetterdahl () and Jörgen Hellström ()
Additional contact information
Emma Zetterdahl: Department of Economics, Umeå School of Business and Economics, Postal: Umeå University, S 901 87 Umeå, Sweden
Jörgen Hellström: Umeå School of Business and Economics, Postal: Umeå University, S 901 87 Umeå, Sweden

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.

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

JEL-codes: D03; D14; D83; G02; G11

43 pages, March 11, 2015

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