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Conference Paper: The speed of communication

TitleThe speed of communication
Authors
KeywordsWord-of-Mouth
Speed of Communication
Household Investment
Issue Date2016
Citation
The 14th Annual Conference of the China International Conference in Finance (CICF), Xiamen, China, 7-10 July 2016. How to Cite?
AbstractDrawing from prior research on disease contagion, we estimate a transmission matrix to quantify the communication rate across investors, as well as how it varies with distances in social characteristics (such as age, income, and gender). In particular, exploiting cross-industry stock-financed mergers and acquisitions as a source of plausibly exogenous shocks to some investors’ portfolio composition and consequently, their information gathering activity, we trace out the path of “contagion” from these directly impacted investors (“patient zero”) to their neighbors. Further, we link the speed of communication to various social characteristics; quantitatively, our estimates imply that a ten-year difference in age, a one-step difference in income, and having a different gender lower the communication rate by 12%, 14%, and 32%, respectively.
Persistent Identifierhttp://hdl.handle.net/10722/233164

 

DC FieldValueLanguage
dc.contributor.authorHuang, S-
dc.contributor.authorHwang, BH-
dc.contributor.authorLou, D-
dc.date.accessioned2016-09-20T05:34:58Z-
dc.date.available2016-09-20T05:34:58Z-
dc.date.issued2016-
dc.identifier.citationThe 14th Annual Conference of the China International Conference in Finance (CICF), Xiamen, China, 7-10 July 2016.-
dc.identifier.urihttp://hdl.handle.net/10722/233164-
dc.description.abstractDrawing from prior research on disease contagion, we estimate a transmission matrix to quantify the communication rate across investors, as well as how it varies with distances in social characteristics (such as age, income, and gender). In particular, exploiting cross-industry stock-financed mergers and acquisitions as a source of plausibly exogenous shocks to some investors’ portfolio composition and consequently, their information gathering activity, we trace out the path of “contagion” from these directly impacted investors (“patient zero”) to their neighbors. Further, we link the speed of communication to various social characteristics; quantitatively, our estimates imply that a ten-year difference in age, a one-step difference in income, and having a different gender lower the communication rate by 12%, 14%, and 32%, respectively.-
dc.languageeng-
dc.relation.ispartofAnnual Conference of the China International Conference in Finance, CICF 2016-
dc.relation.ispartof2016中国金融际年会-
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.subjectWord-of-Mouth-
dc.subjectSpeed of Communication-
dc.subjectHousehold Investment-
dc.titleThe speed of communication-
dc.typeConference_Paper-
dc.identifier.emailHuang, S: huangsy@hku.hk-
dc.identifier.authorityHuang, S=rp02052-
dc.description.naturepostprint-
dc.identifier.hkuros263263-

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