| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29076 |
| 来源ID | Working Paper 29076 |
| Selling Fast and Buying Slow: Heuristics and Trading Performance of Institutional Investors | |
| Klakow Akepanidtaworn; Rick Di Mascio; Alex Imas; Lawrence Schmidt | |
| 发表日期 | 2021-07-26 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Are market experts prone to heuristics, and if so, do they transfer across closely related domains—buying and selling? We investigate this question using a unique dataset of institutional investors with portfolios averaging $573 million. A striking finding emerges: while there is clear evidence of skill in buying, selling decisions underperform substantially—even relative to random selling strategies. This holds despite the similarity between the two decisions in frequency, substance and consequences for performance. Evidence suggests that an asymmetric allocation of cognitive resources such as attention can explain the discrepancy: we document a systematic, costly heuristic process when selling but not when buying. |
| 主题 | Microeconomics ; Behavioral Economics ; Financial Economics ; Portfolio Selection and Asset Pricing ; Behavioral Finance |
| URL | https://www.nber.org/papers/w29076 |
| 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/586750 |
| 推荐引用方式 GB/T 7714 | Klakow Akepanidtaworn,Rick Di Mascio,Alex Imas,et al. Selling Fast and Buying Slow: Heuristics and Trading Performance of Institutional Investors. 2021. |
| 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 | ||
| w29076.pdf（796KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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