移动应用程序、交易行为和投资组合表现:来自中国准实验的证据

IF 8.3 2区 材料科学 Q1 MATERIALS SCIENCE, MULTIDISCIPLINARY
Che-Wei Liu, Sunil Mithas, Yang Pan, J. J. P. Hsieh
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引用次数: 1

摘要

移动应用程序、交易行为和投资组合表现:来自中国准实验的证据 移动应用程序如何影响个人投资者的金融决策和表现?本研究利用中国一家大型证券公司的罕见档案数据,以 20,665 位投资者为样本,回答了这一及时而重要的问题。作者发现,如果使用移动应用使用的二元指标来考察总体影响,那么移动应用的采用并不会影响投资者的投资组合表现。他们的补充分析表明,采用移动应用程序会明显减少时间限制(交易摩擦的代表),并适度增加追逐趋势的偏差,这反映了近视决策的倾向。由于时间限制的减少对投资者的业绩有利,而趋势追逐偏好的增加则对投资者的业绩不利,这些发现解释了为什么采用移动应用程序对投资组合业绩没有整体影响。对采用者采用后行为的进一步分析提供了有趣的见解,并表明移动应用的使用强度与投资组合表现呈倒 U 型关系。使用不同的样本或排除市场波动大的时期,以及使用倾向得分匹配、动态匹配、堆叠差分或工具变量法等多种方法,结果都是稳健的。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Mobile Apps, Trading Behaviors, and Portfolio Performance: Evidence from a Quasi-Experiment in China
Mobile Apps, Trading Behaviors, and Portfolio Performance: Evidence from a Quasi-Experiment in China How do mobile apps influence individual investors’ financial decisions and performance? This study answers this timely and important question by using rare archival data from a large securities company in China using a sample of 20,665 investors. Authors find that mobile app adoption does not affect investors’ portfolio performance when one examines aggregate impacts using a binary indicator of mobile app use. Their additional analyses suggest that adopting mobile apps results in a noticeable decrease in time constraints, a proxy for transaction friction, and a modest increase in trend-chasing bias, reflecting tendencies toward myopic decision making. Because the reduction in time constraints can benefit investors’ performance, the increase in trend chasing can be detrimental to investors’ performance, these findings explain why mobile app adoption has no overall effect on portfolio performance. Further analyses of adopters’ postadoption behaviors provide interesting insights and show that the mobile app usage intensity has an inverted U–shaped relationship with portfolio performance. The results are robust to using different samples or excluding high market volatility periods and by using a variety of methods, such as propensity score matching, dynamic matching, stacked difference-in-differences, or an instrumental variable approach.
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来源期刊
ACS Applied Materials & Interfaces
ACS Applied Materials & Interfaces 工程技术-材料科学:综合
CiteScore
16.00
自引率
6.30%
发文量
4978
审稿时长
1.8 months
期刊介绍: ACS Applied Materials & Interfaces is a leading interdisciplinary journal that brings together chemists, engineers, physicists, and biologists to explore the development and utilization of newly-discovered materials and interfacial processes for specific applications. Our journal has experienced remarkable growth since its establishment in 2009, both in terms of the number of articles published and the impact of the research showcased. We are proud to foster a truly global community, with the majority of published articles originating from outside the United States, reflecting the rapid growth of applied research worldwide.
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