TAILIEUCHUNG - SOCIAL INTERACTION AND STOCK-MARKET PARTICIPATION

PXS operates in cycles. During every cycle, a trading agent can place new orders and/or withdraw some of its previously placed orders. When placing a buy order, the agent specifies the number of shares it wishes to purchase and the highest price per share it is willing to pay. PXS sorts the buy orders by price into a buy order book, with the most competitive (highest-priced) orders at the top of the book. Likewise, a sell order states the amount of stock being sold and the lowest price per share the seller is willing to accept. PXS sorts the sell orders into a sell order book,. | THE JOURNAL OF FINANCE VOL. LIX NO. 1 FEBRUARY 2004 Social Interaction and Stock-Market Participation HARRISON HONG JEFFREY D. KUBIK and JEREMY C. STEIN ABSTRACT We propose that stock-market participation is influenced by social interaction. In our model any given social investor finds the market more attractive when more of his peers participate. We test this theory using data from the Health and Retirement Study and find that social households those who interact with their neighbors or attend church are substantially more likely to invest in the market than non-social households controlling for wealth race education and risk tolerance. Moreover consistent with a peer-effects story the impact of sociability is stronger in states where stock-market participation rates are higher. In 1998 PERCENT OF AMERICAN HOUSEHOLDS owned stock either directly or through mutual funds or various retirement vehicles such as 401 k plans or While this number may appear low in an absolute sense particularly in light of the historically high returns to investing in the stock market it actually represents an all-time peak in the United States and a dramatic increase from prior years. For example less than a decade earlier in 1989 the participation rate stood at only percent even as late as 1995 it was at just percent. What are the underlying determinants of the stock-market participation rate This question is an important one for a number of reasons. First as argued by for example Mankiw and Zeldes 1991 Heaton and Lucas 1999 Vissing-Jorgensen 1999 and Brav Constantinides and Gezcy 2002 the participation rate can have a direct effect on the equity premium thus an understanding of what drives participation can help shed light on the equity-premium puzzle of Mehra and Prescott 1985 . Second certain policy debates hinge crucially on one s view of why so many households opt not to participate in the stock market. Consider proposals which would have the government invest

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