The Journal of Finance

COST OF PROVIDING CONSUMER CREDIT: A STUDY OF FOUR MAJOR TYPES OF FINANCIAL INSTITUTIONS*

Published: 09/01/1962   |   DOI: 10.1111/j.1540-6261.1962.tb04301.x

Paul Smith

Structural Disequilibrium and the Banking Act of 1980

Published: 05/01/1982   |   DOI: 10.1111/j.1540-6261.1982.tb03560.x

PAUL F. SMITH

THE CONCEPTS OF MONEY AND COMMERCIAL BANKS

Published: 12/01/1966   |   DOI: 10.1111/j.1540-6261.1966.tb00271.x

Paul F. Smith

OPTIMUM RATE ON TIME DEPOSITS*

Published: 12/01/1962   |   DOI: 10.1111/j.1540-6261.1962.tb04336.x

Paul F. Smith

PRICING POLICIES ON CONSUMER LOANS AT COMMERCIAL BANKS

Published: 05/01/1970   |   DOI: 10.1111/j.1540-6261.1970.tb00677.x

Paul F. Smith

Discussion

Published: 05/01/1966   |   DOI: 10.1111/j.1540-6261.1966.tb00239.x

Leo Grebler, Harlow D. Osborne, Paul F. Smith

Neighbors Matter: Causal Community Effects and Stock Market Participation

Published: 05/09/2008   |   DOI: 10.1111/j.1540-6261.2008.01364.x

JEFFREY R. BROWN, ZORAN IVKOVIĆ, PAUL A. SMITH, SCOTT WEISBENNER

This paper establishes a causal relation between an individual's decision whether to own stocks and average stock market participation of the individual's community. We instrument for the average ownership of an individual's community with lagged average ownership of the states in which one's nonnative neighbors were born. Combining this instrumental variables approach with controls for individual and community fixed effects, a broad set of time‐varying individual and community controls, and state‐year effects rules out alternative explanations. To further establish that word‐of‐mouth communication drives this causal effect, we show that the results are stronger in more sociable communities.