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  "identification": {
   "estimand": "Effect of average local coworker ESPP participation/early selling on an employee's own participation/selling decision (endogenous peer effect)",
   "strategy": "Linear probability regressions comparing employees within the same firm and election window, with metro area (CBSA) fixed effects; peer means are measured in an excluded random half-sample; IV built from local office demographic composition (Duflo-Saez/Case-Katz style); cross-sectional tests using informed vs. uninformed peers to identify the learning mechanism",
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    "Office-level shocks within a firm are captured by location and demographic controls",
    "Exclusion restriction: the local distribution of employee characteristics affects own ESPP choices only through peer choices, conditional on own traits",
    "Informativeness proxies (occupation, self-reported experience, income) separate initially informed from uninformed workers"
   ],
   "threats_addressed": [
    "Correlated office-level shocks not captured by controls",
    "Endogenous sorting of workers into offices",
    "Reflection problem / mechanical correlation, handled with an excluded half-sample",
    "Uninformed mimicry versus learning",
    "Office size and headquarters-state effects"
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  "tables": {
   "convention_notes": "Table notes define the sample (a named 'Analysis Sample' of random half-observations), the dependent indicator variables, and constructed peer means from an excluded half-sample. Controls are referenced back to earlier tables. Summary and descriptive tables come before the baseline/IV and cross-sectional tables.",
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    "claim": "Employees underparticipate in ESPPs despite sizable forgone gains",
    "evidence_type": "table",
    "evidence_ref": "Table I; Table II"
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   {
    "claim": "Local coworker participation raises own participation; 10pp peer rise linked to about 1.5pp own rise",
    "evidence_type": "table",
    "evidence_ref": "Table IV"
   },
   {
    "claim": "Peer effect results hold using demographic-based instruments",
    "evidence_type": "table",
    "evidence_ref": "Table IV (IV columns)"
   },
   {
    "claim": "Peer effects are weaker for uninformed workers when no informed colleague is present, supporting learning",
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    "evidence_ref": "Table VIII; Table IX; Table X"
   },
   {
    "claim": "Coworkers' early-sale behavior predicts own early-sale decisions",
    "evidence_type": "table",
    "evidence_ref": "Table XI; Table XII"
   },
   {
    "claim": "Peer effects vary with worker demographics, ESPP gains and population density",
    "evidence_type": "table",
    "evidence_ref": "Table V; Table VI"
   }
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  "structural_summary": "Opens with a motivation about retail investor mistakes and workplace plans as a learning channel. Previews novel ESPP data, low participation, the baseline peer effect magnitude, the information mechanism and selling-timing results. Defends identification with fixed effects, demographic IVs and sorting checks, then outlines informed/uninformed proxy tests of learning. Positions against finance, retirement-plan and labor peer-effect literatures. Main body: data/institutional section, then one large results section (baseline, heterogeneity, mechanism, selling). The conclusion restates findings.",
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   "workplace networks",
   "ESPP",
   "information diffusion",
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   "household finance"
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