Online investors: Do the slow die first?

被引：297
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.
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页码：455 / 487
页数：33
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