NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Andrei Simonov

321 Eppley, Department of Finance
Eli Broad Graduate School of Management
Michigan State University
East Lansing, MI 48824, USA
Fax: 517-432-1080

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NBER Working Papers and Publications

September 2007Social Interactions and Entrepreneurial Activity
with Mariassunta Giannetti
in Entrepreneurship: Strategy and Structure, Thomas Hellman and Scott Stern, editors
March 2004Portfolio Diversification and City Agglomeration
with William N. Goetzmann, Massimo Massa: w10343
We relate the degree of investor portfolio focus to the broader urban economic context of the household. Using a detailed panel of investors in Sweden over the period 1995 to 2000, we find that the level of investor diversification, as measured by number of stocks in the portfolio and by the average correlation among holdings, is partially explained by city industrial characteristics. We find that rural portfolios are more diversified than urban portfolios and that portfolio diversification is characterized by factors associated with urban growth. We consider a number of theories to explain investor focus, including behavioral biases, real and perceived informational advantage, local social competition and hedging of non-tradable risk. We find little evidence to support social and hedging ...
 
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