Social interactions and asset pricing bubbles
| Autor: | Matthias Pelster, Sören Steiger |
|---|---|
| Rok vydání: | 2020 |
| Předmět: |
Organizational Behavior and Human Resource Management
Economics and Econometrics 050208 finance 05 social sciences Empirical research Cheap talk 0502 economics and business Economics Feature (machine learning) Econometrics Capital asset pricing model Social media Asset (economics) 050207 economics Investor behavior |
| Zdroj: | Journal of Economic Behavior & Organization. 179:503-522 |
| ISSN: | 0167-2681 |
| DOI: | 10.1016/j.jebo.2020.09.020 |
| Popis: | We investigate the influence of social interactions on asset markets and provide an empirical test of the hypothesis that social interactions increase asset pricing bubbles. We test the impact of social interactions on bubbles in a bubble-prone experimental asset-pricing market. Over a total of 21 markets, we compare asset pricing bubbles in a design that allows for social interactions with a standard laboratory setting. Markets that allow for face-to-face communication between participants in a lab-in-the-field setting show significantly larger asset pricing bubbles relative to standard laboratory markets. Face-to-face communication increases bubbles to a larger extend than a popular social media feature, the like. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
|
Full Text from ScienceDirect