Neighbors matter: Geographical distance and trade timing in the stock market

被引：9

作者：

Baltakys, Kestutis ^{[1
]}

Baltakiene, Margarita ^{[1
]}

Karkkainen, Hannu ^{[1
]}

Kanniainen, Juho ^{[1
]}

机构：

[1] Tampere Univ Technol, Lab Ind & Informat Management, DARE Business Data Res Grp, Tampere, Finland

来源：

FINANCE RESEARCH LETTERS | 2019年 / 31卷

基金：

欧盟地平线“2020”;

关键词：

Investor trading; Geographical distance; Information transfer; Private information; Investor network; Social interactions; Behavioral finance; Behavioral economics; Social networks; Individual investors; INDIVIDUAL INVESTORS; GENDER;

D O I：

10.1016/j.frl.2018.11.013

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The starting point of this paper is that neighboring investors may talk to each other sharing information about their transactions in stock markets, leading to similar trading behavior. We find that pairwise trade timing similarities between investor pairs are negatively associated to geographical distance between corresponding investor pairs. This suggests that local information transfer channels between neighboring individual investors are used in decision making. We also observe that differences in age and language moderate this association. The analysis is conducted using investor level data from different regions of Finland.

引用

页码：250 / 257

页数：8

共 31 条

[21] Investor Networks in the Stock Market [J].