期刊名称：HIER Discussion Paper Series / Harvard Institute of Economic Research
出版年度：2003
卷号：2003
出版社：Harvard Institute of Economic Research
摘要：A mutual-fund manager is more likely to hold (or buy, or sell) a particular stock in any quarter if other managers in the same city are holding (or buying, or selling) that same stock. This pattern shows up even when controlling for the distance between the fund manager and the stock in question, so it is distinct from a local-preference effect. It is also robust to a variety of controls for investment styles. These results can be interpreted in terms of an epidemic model in which investors spread information about stocks to one another by word of mouth.
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