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Social interaction at work


Östberg, Per Nils Anders; Hvide, Hans K (2015). Social interaction at work. Journal of Financial Economics, 117(3):628-652.

Abstract

Stock market investment decisions of individuals are positively correlated with that of co-workers. Sorting of unobservably similar individuals to the same workplaces is unlikely to explain our results, as evidenced by the investment behavior of individuals that move between plants. Purchases made under stronger co-worker purchase activity are not associated with higher returns. Moreover, social interaction appears to drive the purchase of within-industry stocks; an investment mistake. Overall, our results suggest a strong influence of co-workers on investment choices, but not an influence that improves the quality of investment decisions.

Abstract

Stock market investment decisions of individuals are positively correlated with that of co-workers. Sorting of unobservably similar individuals to the same workplaces is unlikely to explain our results, as evidenced by the investment behavior of individuals that move between plants. Purchases made under stronger co-worker purchase activity are not associated with higher returns. Moreover, social interaction appears to drive the purchase of within-industry stocks; an investment mistake. Overall, our results suggest a strong influence of co-workers on investment choices, but not an influence that improves the quality of investment decisions.

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7 citations in Web of Science®
8 citations in Scopus®
19 citations in Microsoft Academic
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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Banking and Finance
Dewey Decimal Classification:330 Economics
Uncontrolled Keywords:Strategy and Management, Economics and Econometrics, Accounting, Finance
Language:English
Date:1 September 2015
Deposited On:23 Nov 2015 14:20
Last Modified:18 Aug 2018 23:24
Publisher:Elsevier
ISSN:0304-405X
OA Status:Closed
Publisher DOI:https://doi.org/10.1016/j.jfineco.2015.06.004
Other Identification Number:merlin-id:11664

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Embargo till: 2019-09-30