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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w22146 |
来源ID | Working 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 |
URL | https://www.nber.org/papers/w22146 |
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/579820 |
推荐引用方式 GB/T 7714 | Itzhak Ben-David,Justin Birru,Viktor Prokopenya. Uninformative Feedback and Risk Taking: Evidence from Retail Forex Trading. 2016. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w22146.pdf(322KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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