主题：Learning from
Coworkers: Peer Effects on Individual Investment Decisions（同事对个人投资决定的影响）
主讲人：Paige Ouimet, 北卡罗来纳大学教堂山分校柯南商德州扑克大小
金融学副教授
日期：2018年4月25日（周三）
时间：上午10:00 - 11:30
地点：德州扑克大小
金融德州扑克大小
4号楼101教室
语言：英文
摘要：
We use unique data
on employee decisions in the employee stock purchase plans (ESPPs) of U.S.
public firms to measure the influence of networks on investment decisions.
Comparing only employees within a firm during the same election window and
controlling for a metro area fixed effect; we find that the local choices of
coworkers to participate in the firm’s ESPP exert a significant influence on
employees’ own decisions to participate. Local coworkers’ trading patterns also
disseminate to colleagues through the network. In the cross-section, we find
that some employees (men, younger workers) are particularly susceptible to peer
influence. Generally, we find that employees that are more similar exert
greater influence on each other’s decisions and, particularly, that high (low)
information employees are most affected by other high (low) information
employees. However, we also find that the presence of high information
employees magnifies the effects of peer networks. We trace a value-increasing
investment choice through employee networks. Thus, our analysis suggests the
potential of networks and targeted investor education to improve financial
decision-making.
主讲人简介:
Paige Ouimet has several research projects looking at
income inequality and the role of firms. She also has researched ESOP (employee
share ownership plans) and employee stock options and their impact on labor
productivity, wages and turnover.
Her research agenda is concentrated at the juncture of
finance and labor economics. She is interested in in how decisions studied in
finance impact employee stakeholders – specifically how those effects are
reflected in firm performance and, hence, corporate finance decisions.
Her work has been published in the American Economic Review, Journal
of Finance, Review of Financial Studies and Journal
of Financial Economics.
She received her PhD and MBA from the Ross School of
Business at the University of Michigan and her BA from Dartmouth College.
