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The Behavior of Individual Investors
SSRN Electronic Journal, 2011Abstract We provide an overview of research on the stock trading behavior of individual investors. This research documents that individual investors (1) underperform standard benchmarks (e.g. a low-cost index fund), (2) sell winning investments while holding losing investments (the “disposition effect”), (3) are heavily influenced by limited ...
Brad M. Barber, Terrance Odean
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2017
Traditional finance explains individual investor’s behavior and financial decision making based on economic incentives and rationality. Modern finance, however, takes a holistic view and searches for not only economic but also biological, psychological, and social factors that shape decision making.
Henrik Cronqvist, Danling Jiang
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Traditional finance explains individual investor’s behavior and financial decision making based on economic incentives and rationality. Modern finance, however, takes a holistic view and searches for not only economic but also biological, psychological, and social factors that shape decision making.
Henrik Cronqvist, Danling Jiang
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Journal of Financial Research, 1995
AbstractIn this paper I address several phenomena that arise from the limited information possessed by individual investors. This limitation focuses attention on the channels by which investors receive information about securities. I find this perspective to have implications for the marketing of financial products, the dissemination of information by ...
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AbstractIn this paper I address several phenomena that arise from the limited information possessed by individual investors. This limitation focuses attention on the channels by which investors receive information about securities. I find this perspective to have implications for the marketing of financial products, the dissemination of information by ...
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Bubbles and Buyers: Are Individual Investors the Culprits?
SSRN Electronic Journal, 2007Which investor class causes stock price anomalies? Are individual investors responsible for prices that deviate from fundamental value? We address these questions in the context of a specific anomaly, that of stock price 'bubbles.' Using data from the Australian Stock Exchange Clearinghouse register, we investigate the Granger-causality between ...
Julia Henker, Thomas Henker
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Trust and local bias of individual investors
Journal of Banking & Finance, 2016It has been widely documented that investment decisions of individual investors exhibit local bias. Yet little is known of how societal forces affect investors' portfolio allocations of local versus nonlocal assets. We propose that social capital, and trust in particular, decreases the local bias of individual investors.
Ran Shao, Na Wang
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Second-order beliefs and the individual investor
Journal of Economic Behavior & Organization, 2014In a panel survey of individual investors, we show that investors' second-order beliefs - their beliefs about the return expectations of other investors - influence investment decisions. Investors who believe others hold more optimistic stock market expectations allocate more of their own portfolio to stocks even after controlling for their own risk ...
Egan, Daniel +2 more
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Introduction: The Individual Investor
ICFA Continuing Education Series, 1987This presentation comes from the Asset Allocation for the Individual Investor conference held in Los Angeles, California, on May 12-13, 1986 and Atlanta, Georgia, on June 4-5, 1986.
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Option Trading and Individual Investor Performance
SSRN Electronic Journal, 2008This paper examines the impact of option trading on individual investor performance. The results show that most investors incur substantial losses on their option investments, which are much larger than the losses from equity trading. We attribute the detrimental impact of option trading on investor performance to poor market timing that results from ...
Bauer, R., Cosemans, M., Eichholtz, P.
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A portrait of the individual investor
European Economic Review, 1998Abstract Behavioral finance models often rely on a concept of noise traders who are prone to judgment and decision-making errors. What do noise traders do? We review prior research and present new survey evidence on the behavior of small individual investors who manage their own equity portfolios. Many people (1) discover naive patterns in past price
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Are Individual or Institutional Investors the Agents of Bubbles?
SSRN Electronic Journal, 2012Behavioral bubble models typically assume that uninformed trend-chasers, presumably individual investors, cause bubbles, while informed contrarian investors such as institutions, trade against bubbles. DeLong et al. (1990a) highlight that to be considered a “bubble”, the mis-pricing must prevail in a large, diversified portfolio. To meet this criterion,
Jongmoo Jay Choi +2 more
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