Palestrante: Bruno Ferman (The George Washington University)
Using a high-stakes field experiment conducted with a financial brokerage, we implement a novel design to separately identify two channels of social inuence in nancial decisions, both widely studied theoretically. When someone purchases an asset, his peers may also want to purchase it, both because they learn from his choice (\social learning”) and because his possession of the asset directly aects others’ utility of owning the same asset (\social utility”). We nd that both channels have statistically and economically signicant eects on investment decisions. These results can help shed light on the mechanisms underlying herding behavior in nancial markets.
Data: 20 de fevereiro de 2013 (quarta-feira)
Local: Campus Insper Instituto de Ensino e Pesquisa
Rua Quatá, 300 – Vila Olímpia
Sala 201 – 2º andar