| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9907 |
| DP9907 Getting Better or Feeling Better? How Equity Investors Respond to Investment Experience | |
| John Y Campbell; Benjamin Ranish | |
| 发表日期 | 2014-03-23 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | Using a large representative sample of Indian retail equity investors, many of them new to the stock market, we show that both years of investment experience and feedback from investment returns have significant effects on investor behavior, favored stock styles, and performance. We identify two channels of feedback: performance relative to the market, and the directly-experienced returns to behavior and styles of stock. Both of these vary across investors at a point in time because investors are imperfectly diversified and receive idiosyncratic returns. We find that experienced investors generally behave in a manner more consistent with the recommendations of finance theory, although this tendency is weakened by strong investment performance. High trading profits increase turnover, while high returns to equity styles have a short-term negative and a longer-term positive effect on investors' style demands, possibly reflecting the offsetting effects of disposition bias and style chasing.We document high returns on a portfolio of stocks held by experienced investors, and on individual Indian stocks with an experienced and low-turnover investor base. |
| 主题 | Development Economics ; Financial Economics |
| 关键词 | Disposition effect Diversification Feedback India Investing Learning Style-investing Turnover |
| URL | https://cepr.org/publications/dp9907 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538741 |
| 推荐引用方式 GB/T 7714 | John Y Campbell,Benjamin Ranish. DP9907 Getting Better or Feeling Better? How Equity Investors Respond to Investment Experience. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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