What makes investors trade?

被引：539

作者：

Grinblatt, M ^{[1
]}

Keloharju, M

机构：

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

[2] Helsinki Sch Econ, Helsinki, Finland

来源：

JOURNAL OF FINANCE | 2001年 / 56卷 / 02期

关键词：

D O I：

10.1111/0022-1082.00338

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

A unique data set allows us to monitor the buys, sells, and holds of individuals and institutions in the Finnish stock market on a daily basis. With this data set, we employ Logit regressions to identify the determinants of buying and selling activity over a two-year period. We find evidence that investors are reluctant to realize losses, that they engage in tax-loss selling activity, and that past returns and historical price patterns, such as being at a monthly high or low, affect trading. There also is modest evidence that life-cycle trading plays a role in the pattern of buys and sells.

引用

页码：589 / 616

页数：28

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