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来源类型Working Paper
规范类型报告
DOI10.3386/w22146
来源IDWorking Paper 22146
Uninformative Feedback and Risk Taking: Evidence from Retail Forex Trading
Itzhak Ben-David; Justin Birru; Viktor Prokopenya
发表日期2016-04-11
出版年2016
语种英语
摘要We document evidence consistent with retail day traders in the Forex market attributing random success to their own skill and, as a consequence, increasing risk taking. Although past performance does not predict future success for these traders, traders increase trade sizes, trade size variability, and number of trades with gains, and less with losses. There is a large discontinuity in all of these trading variables around zero past week returns: e.g., traders increase their trade size dramatically following winning weeks, relative to losing weeks. The effects are stronger for novice traders, consistent with more intense “learning” in early trading periods.
主题Financial Economics ; Portfolio Selection and Asset Pricing ; Corporate Finance
URLhttps://www.nber.org/papers/w22146
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/579820
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GB/T 7714
Itzhak Ben-David,Justin Birru,Viktor Prokopenya. Uninformative Feedback and Risk Taking: Evidence from Retail Forex Trading. 2016.
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