This study theoretically investigates the influence of social trust on the trading volume in asset markets. Trust influences how an investor interprets new information supplied by other agents in the market when they decide their portfolio allocation. First, this study shows that the relationship between trust and trading volume is not monotonic. Trading volume is maximized at an intermediate level of trust and minimized at its extreme values. Moreover, the relationship between the trading volume and precision of public signals that investors may trust is not always negative.

中文翻译：

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信任和交易量

本研究从理论上探讨了社会信任对资产市场交易量的影响。信任会影响投资者在决定投资组合分配时如何解释市场上其他代理人提供的新信息。首先，这项研究表明，信任与交易量之间的关系不是单调的。交易量在中间信任级别最大化，并在其极端值最小化。此外，交易量与投资者可能信任的公开信号的准确性之间的关系并不总是负面的。