Bayer, Patrick
[Verfasser:in]
;
Roberts, James W.
[Sonstige Person, Familie und Körperschaft];
Mangum, Kyle
[Sonstige Person, Familie und Körperschaft]National Bureau of Economic Research
Erschienen:
Cambridge, Mass: National Bureau of Economic Research, March 2016
Erschienen in:NBER working paper series ; no. w22065
Umfang:
1 Online-Ressource
Sprache:
Englisch
DOI:
10.3386/w22065
Identifikator:
Reproduktionsnotiz:
Hardcopy version available to institutional subscribers
Entstehung:
Anmerkungen:
Mode of access: World Wide Web
System requirements: Adobe [Acrobat] Reader required for PDF files
Beschreibung:
Historical anecdotes of new investors being drawn into a booming asset market, only to suffer when the market turns, abound. While the role of investor contagion in asset bubbles has been explored extensively in the theoretical literature, causal empirical evidence on the topic is virtually non-existent. This paper studies the recent boom and bust in the U.S. housing market, establishing that many novice investors entered the market as a direct result of observing investing activity of multiple forms in their own neighborhoods and that these "infected" investors performed poorly relative to other investors along several dimensions