散户投资者交易意向:来自澳大利亚的新证据*

IF 1.1 4区经济学 Q3 ECONOMICS

Economic Record Pub Date : 2023-06-29 DOI:10.1111/1475-4932.12752

Sarantis Tsiaplias, Qi Zeng, Guay C. Lim

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引用次数: 0

摘要

通过对23,000名澳大利亚散户投资者的季度调查，我们研究了风险和回报信念与股票市场持有、买入和卖出意愿之间的关系。我们提供的证据表明，投资者关于买入或卖出的意图主要以风险和回报预期为特征，但卖出意图比买入意图对风险和回报的信念更敏感。相比之下，性别、收入和年龄等人口因素在决定持有而非交易方面起着关键作用。研究结果对澳大利亚的股票市场参与度和交易强度产生了重大影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

Retail Investor Trading Intentions: New Evidence from Australia*

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Retail Investor Trading Intentions: New Evidence from Australia*

Using a quarterly survey of 23,000 Australian retail equity investors, we study the relationship between beliefs about risk and returns and stock market intentions regarding holding, buying and selling. We provide evidence that investor intentions regarding buying or selling are primarily characterised by risk and return expectations, but sensitivity to their beliefs about risk and returns is greater for the intention to sell than to buy. In contrast, demographic factors such as gender, income and age play a key role in the decision to hold rather than trade. The results have significant ramifications for stock market participation and trading intensity in Australia.

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来源期刊

Economic Record ECONOMICS-

CiteScore

1.90

自引率

16.70%

发文量

期刊介绍： Published on behalf of the Economic Society of Australia, the Economic Record is intended to act as a vehicle for the communication of advances in knowledge and understanding in economics. It publishes papers in the theoretical, applied and policy areas of economics and provides a forum for research on the Australian economy. It also publishes surveys in economics and book reviews to facilitate the dissemination of knowledge.