BVC_PNA

We study the influence from social interactions on equity trading. Using unique data on stock transactions, we exploit the quasi-random assignment of students to classrooms in a financial training program to identify how peer experience affects investor behavior. We find that individuals react more to peer gains than to peer losses. Students enrolled in courses where peers have positive outcomes: (i) are more likely to start trading, (ii) purchase similar stocks as their classmates, and (iii) are disproportionally attracted to stocks with extreme returns. These stocks have low subsequent returns, and new investors reacting to peer gains underperform other investors. Escobar, Laura; Pedraza, Alvaro (2023). Active Trading and (Poor) Performance: The Social Transmission Channel

本研究探究社会互动对股票交易（equity trading）的影响。我们依托独特的股票交易数据集，借助金融培训项目中学生被准随机分配（quasi-random assignment）至班级这一外生场景，识别同伴经历（peer experience）对投资者行为的作用机制。研究结果表明，个体对同伴盈利的反应强度显著高于对同伴亏损的反应。在同班同伴获得正向收益的课程中选修的学生：其一，更有可能开启交易；其二，购买的股票与同班同学的标的高度相似；其三，会不成比例地被极端收益股票所吸引。此类股票后续收益偏低，且受同伴盈利影响而入市的新投资者，其业绩表现逊于其他投资者。埃斯科瓦尔·劳拉（Escobar, Laura）、佩德拉扎·阿尔瓦罗（Pedraza, Alvaro）（2023）：《主动交易与（糟糕的）业绩：社会传导渠道》