IQ, trading behavior, and performance

被引：197

作者：

Grinblatt, Mark ^{[1
]}

Keloharju, Matti ^{[2
]}

Linnainmaa, Juhani T. ^{[3
]}

机构：

[1] Univ Calif Los Angeles, Anderson Sch Management, Los Angeles, CA 90024 USA

[2] Aalto Univ, Helsinki, Finland

[3] Univ Chicago, Booth Sch Business, Chicago, IL 60637 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2012年 / 104卷 / 02期

基金：

芬兰科学院;

关键词：

Intelligence; Household finance; Trading performance; LARGE-BLOCK TRANSACTIONS; INVESTORS; MARKET; TRADES; INFORMATION; RETURNS;

D O I：

10.1016/j.jfineco.2011.05.016

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We analyze whether IQ influences trading behavior, performance, and transaction costs. The analysis combines equity return, trade, and limit order book data with two decades of scores from an intelligence (IQ) test administered to nearly every Finnish male of draft age. Controlling for a variety of factors, we find that high-IQ investors are less subject to the disposition effect, more aggressive about tax-loss trading, and more likely to supply liquidity when stocks experience a one-month high. High-IQ investors also exhibit superior market timing, stock-picking skill, and trade execution. (C) 2011 Elsevier B.V. All rights reserved.

引用

页码：339 / 362

页数：24

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