Trading as Entertainment?

被引：144
作者：
Dorn, Daniel [1 ]
Sengmueller, Paul [2 ]
机构：
[1] Drexel Univ, LeBow Coll Business, Philadelphia, PA 19104 USA
[2] Tilburg Univ, CenER, NL-5000 LE Tilburg, Netherlands
来源：
MANAGEMENT SCIENCE | 2009年 / 55卷 / 04期
关键词：
investor decision making; trading volume; OVERCONFIDENCE; PERFORMANCE; SKEWNESS; MARKET; VOLUME;
D O I：
10.1287/mnsc.1080.0962
中图分类号：
C93 [管理学];
学科分类号：
12 ; 1201 ; 1202 ; 120202 ;
摘要：
Among 1,000 German brokerage clients for whom both survey responses and actual trading records are available, investors who report enjoying investing or gambling turn over their portfolio at twice the rate of their peers. Including entertainment attributes as additional explanatory variables in cross-sectional regressions of portfolio turnover on objective investor attributes more than doubles the fraction of the total variation of portfolio turnover that can be explained. The results are robust to controlling for gender and proxies for overconfidence constructed from survey responses. Nonpecuniary benefits of trading thus appear to offer a straightforward explanation of the "excessive trading puzzle."
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页码：591 / 603
页数：13
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