Stock Investments at Work

Hans Krogh Hvide, Per Östberg

Research output: Working paperDiscussion paper

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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.
Original languageEnglish
PublisherUniversity of Aberdeen: Business School
Number of pages58
Publication statusPublished - Feb 2015

Publication series

NameDiscussion Paper in Economics
PublisherUniversity of Aberdeen
ISSN (Electronic)0143-4543


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


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