دانلود رایگان مقاله انگلیسی تاثیر انتشار اطلاعات و رفتار سرمایه گذاری بر انتشار محصولات سرمایه گذاری شده اینترنت - الزویر 2018

Abstract

Social networks play an important role in financial markets because the information diffusion in social networks influences the participation of investors. Prior studies have investigated the impact of investor social networks, but few have explored the impact of investment behavior based on information spread in social networks. In this paper, we propose a model for studying the influence that information dissemination and investment behavior in social networks have on the adoption of internet investment products. Information spread process, temporary investment, regular investment and divestment are considered. The results show that the positive influence of regular investment and the negative impact of divestment are not sensitive to the time scale. In addition, the positive impact of regular investment rate is obvious only when the temporary investment rate is not too small, and vice versa. Furthermore, the negative influence of divestment and the information rejection can hardly be offset by increasing the regular investment rate.

Conclusions

Epidemic interacting mechanism has been proved valid in explaining behavioral patterns in financial market [20]. In this paper, we propose an epidemic investment contagion model to study the impact of information dissemination and investor behavior on the diffusion of internet investment products. Information rejection, temporary investment, regular investment and divestment are considered. The accuracy of our model is examined by simulation. Our analysis suggests that the positive effect of temporary investment rate increases with the expansion of total duration, while that of regular investment rate is not sensitive to time scale. Such finding suggests that when the promotion strategy is considered for new adopters, expanding the promotion time within a certain range can be profitable. As for the existing investors, the expansion of time span can hardly help. Secondly, the increment of both temporary investment rate and regular investment rate give significant rise to the adoption rate at early times, indicating that stimulation strategies are more influential at the early stage. The impact of the regular investment rate is obvious only when the temporary investment rate is not too small, and vice versa. Thirdly, information rejection and divestment behavior impact the adoption in different ways. When the information rejection rate is high, the number of regular investors can still be boosted up limitedly by extending the time scale, but if the divestment rate is high, the extension of lifetime would be almost useless. The negative influence of divestment declines as the regular investment rate goes up, but the negative influence of information rejection barely decreases even the regular investment rate keeps increasing, implying that when limited budget is available, compared with divestment, it is more important to avoid information rejection. Such finding also suggests that when it comes to financial schemes, increasing information rejection rate would be a useful immune strategy. In addition, the influence of these two negative factors can hardly be offset by increasing the regular investment rate.