We study how bankers affect financial decisions of their social connections. Comprehensive register data from Finland allow us to use a within-individual identification strategy that leverages changes in financial market participation surrounding job switches to the banking industry. This...

Financial markets and economic conditions induce stress, but does stress, in turn, have a causal effect on investor behavior and markets? We analyze this question in bubble-prone experimental asset markets with 492 participants. We induce acute stress, which we measure with cortisol levels,...