@techreport{924ef3329bf34a329847aa1fbfb410e2,
title = "Stock Investments at Work",
abstract = "Stock market investment decisions of individuals are positively correlated with those of co-workers. Sorting of unobservably similar individuals to the same work-places 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.",
keywords = "Individual investors, peer effects, social interaction, investment decisions, stock selection",
author = "Hvide, {Hans Krogh} and Per {\"O}stberg",
year = "2015",
month = feb,
language = "English",
series = "Discussion Paper in Economics",
publisher = "University of Aberdeen: Business School",
number = "1",
type = "WorkingPaper",
institution = "University of Aberdeen: Business School",
}