This study examines for evidence of peer effects in the trading decisions of individual
investors from Mainland China, a country whose cultural and social structures are vastly
different from those of Western countries. Cultural differences, as widely documented, play a
significant role in social interactions and word-of-mouth behavior. In contrast to U.S. studies, we
find robust evidence that the trading decisions of Chinese investors are influenced, via word-ofmouth,
by those of their peers who maintain brokerage accounts at the same branch, but not by
those whose accounts are maintained at another branch located in the same city.
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