Online Appendix - Who Owned Citibank? Familiarity Bias and Business Network Influences on Stock Purchases, 1925-1929

Abstract

This appendix contains additional figures and tables referenced in the paper, but not included in the main figures and tables. It contains the geographic distribution of shareholders and a visualization of the business network. It includes alternative specifications for the county-level and country-level analyses. For the individual analysis, it provides the summary statistics, the correlation matrix, the baseline tobit regressions, and the robustness checks. Furthermore, it includes regressions under alternative definitions of share ownership (restricting share ownership to only individuals) and various subsamples (individuals in the main network and individuals who work in the financial industry). Additionally, it contains specific information about data matching and variable construction.