Using data for about 50,000 actual household investment accounts, we document that financial advice reduced investors’ tendency to leave the stock market during the market crash of 2008 and had a positive correlation with their decisions to return to the market. In addition, we provide a...

We document a causal effect of social interactions on investor behavior using the number of local soccer games as a measure of social interaction intensity. Social transmission is identifiable in buy but not sell trades. The effect of Social Interaction Intensity (SII) on the sensitivity of...

Purpose – The recent economic crises have attracted attention to the issue of international equity co-movements and correlations. Using data from 1980 to 2010, the authors examine the international co-movements of both real economic activity, as reflected in industrial production and the gross...