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The Neighbor's Portfolio: Word-of-Mouth Effects in the Holdings and Trade of Money Managers / Harrison Hong, Jeffrey D. Kubik, Jeremy C. Stein.
- Format:
- Book
- Author/Creator:
- Hong, Harrison.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w9711.
- NBER working paper series no. w9711
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- The Neighbor's Portfolio
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2003.
- Summary:
- A mutual-fund manager is more likely to hold (or buy, or sell) a particular stock in any quarter if other managers in the same city are holding (or buying, or selling) that same stock. This pattern shows up even when controlling for the distance between the fund manager and the stock in question, so it is distinct from a local-preference effect. It is also robust to a variety of controls for investment styles. These results can be interpreted in terms of an epidemic model in which investors spread information about stocks to one another by word of mouth.
- Notes:
- May 2003.
- Print version record
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