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Endnotes

1.These figures originate from the Survey of Consumer Finances as reported by C. Bertaut and M. Sarr-McCluer, 2000, “Household Portfolios in the U.S.,” Board of Governors of the Federal Reserve working paper.
2.Esther Duflo and Emmanuel Saez, 2000, “Participation and Investment Decisions in a Retirement Plan: The Influence of Colleagues' Choices,” Journal of Public Economics (in press).
3.Harrison Hong, Jeffrey Kubik, and Jeremy Stein, 2001, “Social Interaction and Stock-Market Participation,” Stanford working paper, June.
4.These studies are Gary P. Brinson, Brian D. Singer, and Gilbert L. Beebower, 1986, “Determinants of Portfolio Performance,” Financial Analysts Journal, July–August, pp. 39–44; Gary P. Brinson, Brian D. Singer, and Gilbert L. Beebower, 1991, “Determinants of Portfolio Performance II: An Update,” Financial Analysts Journal, May–June, pp. 40–48.
5.The survey also finds similar results for institutional investors. See Robert Shiller and John Pound, 1989, “Survey Evidence on Diffusion of Interest and Information Among Investors,” Journal of Economics Behavior and Organization, 12, pp. 47–66.



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