【主讲】孟涓涓 助教授 (北京大学光华管理学院)
【主题】Observational learning, Word-of-mouth Communication and Stock Market Participation
【时间】2012年11月9日 (周五) 15：30-17：00
【地点】上海财经大学经济学院楼801室
【语言】英文
【摘要】This paper explicitly separates word-of-mouth communication from observational learning by applying a theoretical framework to analyze stock market participation decision. We empirically estimate the effects of word-of-mouth communication and observational learning by incorporating market return information to historical participation pattern. Our results show that there are significant effects of both types of social learning on participation decision, even after adding controls on supply-side effects, province-level and time-varying characteristics. Interestingly, we do not observe any significant impact from publicly available market returns information. We further demonstrate that our constructed measure of observational learning and word-of-mouth communication reflect the nature of these passive and active interpersonal channels accurately.
