Copy Trading

被引：25

作者：

Apesteguia, Jose ^{[1
,2
,3
]}

Oechssler, Joerg ^{[4
]}

Weidenholzer, Simon ^{[5
]}

机构：

[1] Catalan Inst Res & Adv Studies, Barcelona 08005, Spain

[2] Univ Pompeu Fabra, Barcelona Grad Sch Econ, Barcelona 08005, Spain

[3] Barcelona Grad Sch Econ, Barcelona 08005, Spain

[4] Heidelberg Univ, Dept Econ, D-69115 Heidelberg, Germany

[5] Univ Essex, Dept Econ, Colchester CO4 3SQ, Essex, England

来源：

MANAGEMENT SCIENCE | 2020年 / 66卷 / 12期

关键词：

copy trading; financial markets; social networks; imitation; experiment; BETRAYAL AVERSION; TOO LONG; RISK; DISPOSITION; IMITATION; SWITZERLAND; EVOLUTION; BEHAVIOR; TURKEY; CHOICE;

D O I：

10.1287/mnsc.2019.3508

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

Copy trading allows traders in social networks to receive information on the success of other agents in financial markets and to directly copy their trades. Internet platforms like eToro, ZuluTrade, and Tradeo have attracted millions of users in recent years. The present paper studies the implications of copy trading for the risk taking of investors. Implementing a novel experimental financial asset market, we show that providing information on the success of others leads to a significant increase in risk taking of subjects. This increase in risk taking is even larger when subjects are provided with the option to directly copy others. We conclude that copy trading leads to excessive risk taking.

引用

页码：5608 / 5622

页数：16

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