We study the relation between households' stock purchases and stock purchases made by their neighbors. A ten percentage point increase in neighbors' purchases of stocks from an industry is associated with a two percentage point increase in households' own purchases of stocks from that industry....

"An updated and rousing look at proven strategies to build a winning portfolio In The Little Book of Bull Moves 2.0, popular author and economic advisor, Peter Schiff, takes a new look at America's bull markets of the 1920's, 1960's, and 1990's, and the bear markets that followed. Analyzing...

In this paper, we address the question whether the impact of default risk on equity returns depends on the financial system firms operate in. Using an implementation of Merton's option-pricing model for the value of equity to estimate firms' default risk, we construct a factor that measures the...