Copy Trading
Copy Trading
复制标题
DOI：
10.1287/mnsc.2019.3508
复制
发表时间：
2020-12-01
影响因子：
5.4
通讯作者：
Weidenholzer, Simon
中科院分区：
文献类型：
--
作者：
Apesteguia, Jose;Oechssler, Joerg;Weidenholzer, Simon
复制交易允许社交网络中的交易者接收金融市场中其他代理商成功的信息，并直接复制他们的交易。近年来，eToro、ZuluTrade和Tradeo等互联网平台吸引了数百万用户。本文研究了复制交易对投资者风险承担的影响。实施一个新的实验性金融资产市场，我们表明，提供信息的成功，其他导致风险承担的显着增加的科目。当受试者可以选择直接模仿他人时，这种冒险行为的增加甚至更大。我们的结论是，复制交易导致过度的风险承担。
Copy trading allows traders in social networks to receive information on the success of other agents in financial markets and to directly copy their trades. Internet platforms like eToro, ZuluTrade, and Tradeo have attracted millions of users in recent years. The present paper studies the implications of copy trading for the risk taking of investors. Implementing a novel experimental financial asset market, we show that providing information on the success of others leads to a significant increase in risk taking of subjects. This increase in risk taking is even larger when subjects are provided with the option to directly copy others. We conclude that copy trading leads to excessive risk taking.