Thy Neighbor's Portfolio: Word-of-Mouth Effects in the Holdings and Trades of Money Managers

By Harrison G. Hong, Jeffrey D. Kubik, Jeremy C. Stein. 2005

687 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/ea2668d263d38c7e68493bcdcf690a12daedd438

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

1. Avanidhar Subrahmanyam
2. Umit G. Gurun
3. Tarun Ramadorai
4. Andrew Koch
5. Jun-Koo Kang
6. Sophie Shive
7. Noah Stoffman
8. John Y. Campbell

In Economics and Econometrics

1. Andrew Koch
2. Tarun Ramadorai
3. Jun-Koo Kang
4. Lauren H. Cohen
5. S. Michenaud
6. Noah Stoffman
7. John Y. Campbell
8. Andrea Frazzini

In Finance

1. Avanidhar Subrahmanyam
2. Tarun Ramadorai
3. Umit G. Gurun
4. Andrew Koch
5. John Y. Campbell
6. Lauren H. Cohen
7. Sophie Shive
8. Noah Stoffman

Citations in the corpus

• Institutional investor cliques and governance (2019, positive): “Huang (2014) finds that firms have higher values when the firm’s owners are geographically proximate or have highly correlated portfolios.”
• Does Information Asymmetry Matter to Equity Pricing? Evidence from Firms’ Geographic Location (2010, neutral): “San Francisco, Minneapolis, and Baltimorewith the largest number of mutual funds according to Hong et al. (2005), enters positively at the 1 percent level.”
• Caught on tape: Institutional trading, stock returns, and earnings announcements (2009, methodology): “Jensen (1968) pioneered this literature, finding little evidence to support the proposition that mutual fund managers earn abnormal returns.”
• Behavioural Finance: A Review and Synthesis (2007, positive): “Hong et al. (2005) suggest a model where agents use overly-simplified models to evaluate stocks, ignoring the true, more complex model.”
• Predicting the Spread of Financial Innovations: An Epidemiological Approach (2013, neutral): “Feng and Seasholes (2004), and Hong, Kubik, and Stein (2005) document the role that geography plays in influencing the portfolios that individual and institutional investors hold.”
• An Epidemic Model of Investor Behavior (2009, background): “Hong, Kubik, and Stein (2005) show that mutual fund managers’ holdings are similar to those of other managers in the same city, and they suggest that “the evidence can be interpreted in terms of an epidemic model in which investors spread information about stocks to one another via word of mouth.””