Social interaction at work

Hans K Hvide, Per Østberg

Research output: Contribution to journalArticlepeer-review

48 Citations (Scopus)


Stock market investment decisions of individuals are positively correlated with those of coworkers. Sorting of unobservably similar individuals to the same workplaces is unlikely to explain this pattern, as evidenced by the investment behavior of individuals who move between plants. Purchases made under stronger coworker purchase activity are not associated with higher returns. Moreover, social interaction appears to drive the purchase of within-industry stocks. Overall, we find a strong influence of coworkers on investment choices, but not an influence that improves the quality of investment decisions.
Original languageEnglish
Pages (from-to)628-652
Number of pages25
JournalJournal of Financial Economics
Issue number3
Early online date12 Jun 2015
Publication statusPublished - Sept 2015


  • individual investors
  • peer effects
  • social interaction
  • investment decisions
  • stock selection


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