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SUMMARY:INFORMATIVE SOCIAL INTERACTIONS - Dr Héctor Calvo Pardo is Reader
  in Economics within Social Sciences at the University of Southampton.
DTSTART:20180125T130000Z
DTEND:20180125T140000Z
UID:TALK72956@talks.cam.ac.uk
CONTACT:CERF/CF Admin
DESCRIPTION:'INFORMATIVE SOCIAL INTERACTIONS'\nby Luc Arrondel (PSE)\, Hec
 tor Calvo-Pardo (U. of Southampton)\, Chryssi Giannitsarou (U. of Cambridg
 e) and Michael Haliassos (Goethe U. Frankfurt)\n\nAbstract. We design\, fi
 eld and exploit novel survey data\, from a representative sample of the Fr
 ench population in December 2014 and May 2015 to provide insights regardin
 g social interactions and whether they are informative for financial decis
 ions\, or they encourage imitation\, mindful or mindless. We provide a mod
 el where purely informative social interactions influence subjective expec
 tations of future stock market returns and demand for investing in stocks\
 , and find strong support for the presence of informative social interacti
 ons. The extent to which the respondent’s financial circle is informed a
 bout or participates in stockholding appears to influence perceptions of r
 ecent stock returns and\, only through them\, expectations of future retur
 ns. Controlling for subjective expectations\, stock market participation a
 nd the conditional portfolio share are positively influenced by the extent
  to which the financial circle is informed about or participating in the s
 tock market. Alongside informative social interactions with the respondent
 ’s financial circle\, we also find some evidence of mindless imitation o
 f stock market participation observed in the outer social circle. These fi
 ndings suggest that informative social interactions are significant and cr
 eate a social multiplier for financial education and information\, even th
 ough the potential for mindless imitation is also present.\n\n
LOCATION:Room W4.03 Judge Business School
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