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    题名: The correlated trading and investment performance of individual investors
    作者: 郭維裕
    Kuo, Wei-Yu;Lin, Tse-Chun;Zhao, Jing
    贡献者: 國貿系
    关键词: Herding;Correlated trading;Investment performance;Individual investors;Learning
    日期: 2024-09
    上传时间: 2024-10-04
    摘要: Individual investors tend to trade in the same direction as other individual investors in the same broker branch. The more pronounced an individual investor's herding behavior, the worse his/her investment performance. We find that the limit orders of herding investors have a lower execution ratio, a longer time-to-execution, and a higher probability of being picked up by institutional investors, indicating that their orders are subject to the pick-off risk as they face fierce execution competition and tend to become stale after submissions. Finally, we find that individual investors learn from experience and herd less in the future.
    關聯: Journal of Empirical Finance, Vol.78, 101522, pp.1-21
    数据类型: article
    DOI 連結: https://doi.org/10.1016/j.jempfin.2024.101522
    DOI: 10.1016/j.jempfin.2024.101522
    显示于类别:[國際經營與貿易學系 ] 期刊論文

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