| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25838 |
| 来源ID | Working Paper 25838 |
| Rationalizing Trading Frequency and Returns: Maybe Trading is Good for You | |
| Yosef Bonaparte; Russell Cooper; Mengli Sha | |
| 发表日期 | 2019-05-20 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Barber and Odean (2000) find that households who trade more have a lower net return than others and attribute this pattern to irrationality, particularly overconfidence. In contrast, we find that household financial choices generated from a dynamic optimization problem with rational agents and portfolio adjustment costs can reproduce the observed pattern of households with large turnover having lower net returns. Various forms of irrationality, modeled as beliefs about income and return processes that are not data based, do not improve the ability of the baseline model to explain these turnover and net returns patterns. |
| 主题 | Macroeconomics ; Consumption and Investment ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w25838 |
| 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/583511 |
| 推荐引用方式 GB/T 7714 | Yosef Bonaparte,Russell Cooper,Mengli Sha. Rationalizing Trading Frequency and Returns: Maybe Trading is Good for You. 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 | ||
| w25838.pdf（493KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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