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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Webinar Series

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Pandemic

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Apr 2020

Social connections to COVID-19-affected areas increase compliance with mobility restrictions

Ben CHAROENWONG, Alan KWAN, Vesa PURSIAINEN
We study the role of social connections in compliance of U.S. households with mobility restrictions imposed in response to the coronavirus disease 2019 (COVID-19) pandemic, using aggregated and anonymized Facebook data on social connections and mobile phone data for measuring social distancing at th...
Keywords: social networks, non-pharmaceutical interventions, COVID-19
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Annual Conference

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Real Estate and Urban Economics

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May 2018

Social Capital and Mortgage Delinquency

Abdullah YAVAS, Lingxiao LI, Erdem UCAR
This study offers a simple theoretical model and empirical evidence to address the impact of social capital on mortgage delinquency. Social capital includes the norms, values, trust, and information common to a social network, which enable cooperative and shared actions. Using a new county-level dat...
Keywords: Social capital, mortgage delinquency, opportunistic behaviour, financial crisis
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