Investor Attention and the Use of Leverage

D. Davydov, J. Peltomäki
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引用次数: 2

Abstract

We investigate the effects of the use of different sources of investment leverage, i.e. securities with embedded leverage and traditional margin accounts, on the portfolio performance of retail investors, recognizing that these effects may be conditional on investor attention. We find that investors who trade on margin underperform those who do not have margin accounts, but we also find that investors who trade securities with embedded leverage show an even poorer performance than investors who trade on margin. The negative effect of leverage usage decreases with greater investor attention, measured by portfolio monitoring frequency. These results suggest that more attentive investors gain more from the use of investment leverage.
投资者的注意力和杠杆的使用
我们研究了使用不同来源的投资杠杆,即具有嵌入杠杆和传统保证金账户的证券,对散户投资者的投资组合绩效的影响,认识到这些影响可能取决于投资者的关注。我们发现,使用保证金交易的投资者表现不如那些没有保证金账户的投资者,但我们也发现,使用嵌入杠杆交易证券的投资者表现甚至比使用保证金交易的投资者更差。杠杆使用的负面影响随着投资者关注的增加而减少,通过投资组合监测频率来衡量。这些结果表明,越细心的投资者从投资杠杆的使用中获得更多。
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