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Neighbors matter : causal community effects and stock market participation

Author: Jeffrey R Brown; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2007.
Series: Working paper series (National Bureau of Economic Research), working paper no. 13168.
Edition/Format:   Print book : EnglishView all editions and formats
Database:WorldCat
Summary:
"This paper establishes a causal relation between an individual's decision of whether to own stocks and average stock market participation decision of the individual's community. We instrument for the average ownership of an individual's community with lagged average ownership of the states in which one's non-native neighbors were born. Combining this instrumental variables approach with controls for individual and  Read more...
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Details

Material Type: Internet resource
Document Type: Book, Internet Resource
All Authors / Contributors: Jeffrey R Brown; National Bureau of Economic Research.
OCLC Number: 154198330
Notes: "June 2007."
Description: 29 pages ; 22 cm.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 13168.
Responsibility: Jeffrey R. Brown [and others].

Abstract:

"This paper establishes a causal relation between an individual's decision of whether to own stocks and average stock market participation decision of the individual's community. We instrument for the average ownership of an individual's community with lagged average ownership of the states in which one's non-native neighbors were born. Combining this instrumental variables approach with controls for individual and community fixed effects, a broad set of time-varying individual and community controls, and state-by-year effects, rules out alternative explanations. To further establish that word-of-mouth communication drives this causal effect, we show that the results are stronger in more sociable communities."--Abstract.

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