个人投资者交易行为及行为偏误研究综述
摘要
个人投资者的交易行为是目前行为金融学中较为活跃的研究领域,传统的金融学理论通常假定个体理性,但随着行为金融理论的发展,越来越多的研究表明,个体交易过程中存在大量行为偏误,例如过度自信、处置效应等。文章围绕投资者的交易行为和行为偏误这一主题,梳理了个人投资者交易业绩及其交易心理、个人投资者处置效应以及投资者行为偏误的动态变化等三个领域的相关文献,最后对这些研究成果简要做出了评述。
引文
[1]Barber B M,Lee Y T,Liu Y J,The cross-section of speculator skill:Evidence from day trading[J].Journal of Financial Markets,2014,(18):1-24.
[2]Barber B M,Odean T.The behavior of individual investors[M]//Handbook of the Econo-mics of Finance.Elsevier,2013,(2):1533-1570.
[3]Barber,B.M.,&Odean,T.Trading is hazardous to your wealth:The common stock investment performance of individual invest-ors.Journal of Finance,2000,55(2):773-806.
[4]Barber,B.M.,&Odean,T.Online investors:do the slow die first?.The Review of Financial Studies,2002,15(2):455-488.
[5]Barber,B.M.,Lee,Y.T.,Liu,Y.J.,&Odean,T.Just how much do individual investors lose by trading?.Review of Financial Studies,2009,22(2):609-632.
[6]Barber,B.M.,Lee,Y.T.,Liu,Y.J.,&Odean,T.The cross-section of speculator skill:Evidence from day trading.Journal of Financial Markets,2014,(18):1-24.
[2]Barber B M,Odean T.The behavior of individual investors[M]//Handbook of the Econo-mics of Finance.Elsevier,2013,(2):1533-1570.
[3]Barber,B.M.,&Odean,T.Trading is hazardous to your wealth:The common stock investment performance of individual invest-ors.Journal of Finance,2000,55(2):773-806.
[4]Barber,B.M.,&Odean,T.Online investors:do the slow die first?.The Review of Financial Studies,2002,15(2):455-488.
[5]Barber,B.M.,Lee,Y.T.,Liu,Y.J.,&Odean,T.Just how much do individual investors lose by trading?.Review of Financial Studies,2009,22(2):609-632.
[6]Barber,B.M.,Lee,Y.T.,Liu,Y.J.,&Odean,T.The cross-section of speculator skill:Evidence from day trading.Journal of Financial Markets,2014,(18):1-24.