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Individuals’ financial risk-taking and peer influence
Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.ORCID iD: 0000-0003-3476-8635
Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
2022 (English)In: Quarterly Review of Economics and Finance, ISSN 1062-9769, E-ISSN 1878-4259, Vol. 86, p. 1-17Article in journal (Refereed) Published
Abstract [en]

Individual investor’s risky asset share, as well as stock market participants’ choice of total- and systematic stock portfolio risk, are found to be affected by financial risk-taking among peers. Furthermore, the results indicate that the influence of peers is stronger for less wealthy, for those with relatively higher disposable incomes, and for male investors, respectively. The results, obtained using an instrumental variable approach based on analysis of detailed individual level data, are robust towards a number of competing explanations and stress that interaction with peers’ is an important channel through which individuals’ overall financial risk-taking is affected.

Place, publisher, year, edition, pages
Elsevier, 2022. Vol. 86, p. 1-17
Keywords [en]
Individual investors, Social interaction, Portfolio choice, Stock market
National Category
Business Administration
Research subject
Business Studies; Economics
Identifiers
URN: urn:nbn:se:umu:diva-197287DOI: 10.1016/j.qref.2022.05.001ISI: 000812361000001Scopus ID: 2-s2.0-85131963157OAI: oai:DiVA.org:umu-197287DiVA, id: diva2:1676640
Funder
The Jan Wallander and Tom Hedelius FoundationAvailable from: 2022-06-27 Created: 2022-06-27 Last updated: 2022-06-30Bibliographically approved

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Hellström, JörgenStålnacke, OscarOlsson, Rickard

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CiteExportLink to record
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  • apa
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  • en-US
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Output format
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