Unlearning investment biases

IF 1.7 3区经济学 Q3 BUSINESS, FINANCE

Journal of Behavioral Finance Pub Date : 2023-06-21 DOI:10.1080/15427560.2023.2225241

Moritz Mosenhauer

引用次数: 0

Abstract

This study considers two causes—inexperience and overreaction to price movements—of a well-established phenomenon on the stock market called “excessive trading”: large trading volumes leading to decreased net portfolio returns via increased transaction costs. Creating a stylized hold or trade-scenario in a computer laboratory experiment, I confirm both inexperience and overreaction as robust drivers of trading activity. The 2 × 2 experimental design featuring overlapping treatments enables me to disentangle the two direct effects from their interaction. The results show no signs of dependencies between the two channels, suggesting that psychological distortions are immutable personal characteristics that cannot be unlearned.

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摒弃投资偏见

这项研究考虑了两个原因——缺乏经验和对价格波动的过度反应——这是股市上一个被称为“过度交易”的成熟现象:大量的交易量通过增加交易成本导致净投资组合回报下降。在计算机实验室实验中创建了一个程式化的持有或交易场景，我证实了缺乏经验和过度反应都是交易活动的强大驱动因素。重叠处理的2 × 2实验设计使我能够将两种直接影响从它们的相互作用中分离出来。结果显示，两种渠道之间没有依赖的迹象，这表明心理扭曲是不可改变的个人特征，无法忘记。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Behavioral Finance Multiple-

CiteScore

4.60

自引率

10.50%

发文量

期刊介绍： In Journal of Behavioral Finance , leaders in many fields are brought together to address the implications of current work on individual and group emotion, cognition, and action for the behavior of investment markets. They include specialists in personality, social, and clinical psychology; psychiatry; organizational behavior; accounting; marketing; sociology; anthropology; behavioral economics; finance; and the multidisciplinary study of judgment and decision making. The journal will foster debate among groups who have keen insights into the behavioral patterns of markets but have not historically published in the more traditional financial and economic journals. Further, it will stimulate new interdisciplinary research and theory that will build a body of knowledge about the psychological influences on investment market fluctuations. The most obvious benefit will be a new understanding of investment markets that can greatly improve investment decision making. Another benefit will be the opportunity for behavioral scientists to expand the scope of their studies via the use of the enormous databases that document behavior in investment markets.