Online investors: Do the slow die first?

被引：305

作者：

Barber, BM ^{[1
]}

Odean, T

机构：

[1] Univ Calif Davis, Grad Sch Management, Dept Finance, Davis, CA 95616 USA

[2] Univ Calif Berkeley, Berkeley, CA 94720 USA

来源：

REVIEW OF FINANCIAL STUDIES | 2002年 / 15卷 / 02期

关键词：

D O I：

10.1093/rfs/15.2.455

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We analyze 1,607 investors who switched from phone-based to online trading during the 1990s. Those who switch to online trading perform well prior to going online, beating the market by more than 2% annually. After going online, they trade more actively, more speculatively, and less profitably than before-tagging the market by more than 3% annually. Reductions in market frictions (lower trading costs, improved execution speed, and greater ease of access) do not explain these findings. Overconfidence-augmented by self-attribution bias and the illusions of knowledge and control-can explain the increase in trading and reduction in performance of online investors.

引用

页码：455 / 487

页数：33

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