Annual Conference

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Economic Transformation of Asia

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May 2019

Social Norms and Fertility

Junjian YI, JungJae PARK, Sunha MYONG
We document three stylized facts on marriage and fertility patterns in East Asian societies: (i) their marriage rates are among the highest in the world, but their total fertility is the lowest; (ii) although they have the lowest total fertility, almost all married women have at least one child; and...
Keywords: Confucianism, Social norms, Fertility, Demographic transition, East Asia societies
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Social media sentiment and house prices: Evidence from 35 Chinese cities

Martin BERKA, Yiran MAO
We develop a new social media sentiment index by quantifying the tone of posts about housing on Weibo between 2010 and 2020 in 35 largest cities in China. We find that the social media sentiment index significantly predicts house price changes for up to six quarters ahead, after controlling for the ...
Keywords: Sentiment, social learning, house prices, China
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Senior Fellows/Fellows

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Senior Fellows/Fellows

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Jun 2025

Social Interaction Intensity and Investor Behavior

Michael GELMAN, David HIRSHLEIFER, Yaron LEVI, Liron REITER-GAVISH
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. Social Interaction Intensity (SII) increases the sensitivity of buying to past ...
Keywords: Social Finance, Behavioral Finance, Retail Investor, Portfolio Choice, Peer Effects
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Social Finance: Cultural Evolution, Transmission Bias and Market Dynamics

David HIRSHLEIFER, Erol AKCAY
The thoughts and behaviors of financial market participants depend upon adopted cultural traits, including information signals, beliefs, strategies, and folk economic models. Financial traits compete to survive in the human population, and are modified in the process of being transmitted from one ag...
Keywords: social evolution, cultural evolution, financial markets, social economics, social finance, behavioral economics, behavioral finance, social learning, social influence, social transmission bias
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Social Contagion and the Survival of Diverse Investment Styles

David HIRSHLEIFER, Andrew W. LO, Ruixun ZHANG
We examine the contagion of investment ideas in a multiperiod setting in which investors are more likely to transmit their ideas to other investors after experiencing higher payoffs in one of two investment styles with different return distributions. We show that heterogeneous investment styles are ...
Keywords: Contagion, Investment Styles, Investor Behavior, Investor Psychology, Adaptive Markets
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