G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w20000
来源IDWorking Paper 20000
Getting Better or Feeling Better? How Equity Investors Respond to Investment Experience
John Y. Campbell; Tarun Ramadorai; Benjamin Ranish
发表日期2014-03-20
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Financial Economics ; Portfolio Selection and Asset Pricing
URLhttps://www.nber.org/papers/w20000
来源智库National Bureau of Economic Research (United States)
引用统计
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/577674
推荐引用方式
GB/T 7714
John Y. Campbell,Tarun Ramadorai,Benjamin Ranish. 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。
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[John Y. Campbell]的文章
[Tarun Ramadorai]的文章
[Benjamin Ranish]的文章
百度学术
百度学术中相似的文章
[John Y. Campbell]的文章
[Tarun Ramadorai]的文章
[Benjamin Ranish]的文章
必应学术
必应学术中相似的文章
[John Y. Campbell]的文章
[Tarun Ramadorai]的文章
[Benjamin Ranish]的文章
相关权益政策
暂无数据
收藏/分享

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。