| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25567 |
| 来源ID | Working Paper 25567 |
| Na\u00efve *Buying* Diversification and Narrow Framing by Individual Investors | |
| John Gathergood; David Hirshleifer; David Leake; Hiroaki Sakaguchi; Neil Stewart | |
| 发表日期 | 2019-02-18 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We provide the first tests to distinguish whether individual investors equally balance their overall portfolios (naïve portfolio diversification—NPD) or engage in naïve buying diversification (NBD)—equally balancing values in same-day purchases of multiple assets. We find NBD in purchases of multiple stocks, and in mixed purchases of individual stocks and funds. In contrast, there is little evidence of NPD. So investors seem to narrowly frame their buy-day decision. Simulation analysis suggests that NBD substantially reduces investor welfare. These findings suggest that behavioral finance theory should incorporate transactional as well as portfolio framing. |
| 主题 | Microeconomics ; Households and Firms ; General Equilibrium ; Behavioral Economics ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w25567 |
| 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/583241 |
| 推荐引用方式 GB/T 7714 | John Gathergood,David Hirshleifer,David Leake,et al. Na\u00efve *Buying* Diversification and Narrow Framing by Individual Investors. 2019. |
| 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 | ||
| w25567.pdf（641KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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