Rational and Behavioral Motives to Trade: Evidence from Reinvestment of Dividends and Tender Offer Proceeds
Rational and Behavioral Motives to Trade: Evidence from Reinvestment of Dividends and Tender Offer Proceeds
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交易的理性和行为动机：来自股息和要约收购收益再投资的证据
DOI：
10.2139/ssrn.1283184
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发表时间：
2008
期刊：
影响因子：
--
通讯作者：
E. Rantapuska
中科院分区：
文献类型：
--
作者：
Markku Kaustia;E. Rantapuska
我们提供了家庭股票市场交易的证据，以应对明显可识别的正现金流冲击：股息支付和要约收购收益。交易成本动机似乎很重要，对理性的投资组合再平衡和生命周期考虑也有一些支持。家庭再投资的倾向很低，即使是在支付巨额且意想不到的股息时也是如此。这与默认选择偏差是一致的，而不是由于股息客户效应。在控制了其他重要因素的情况下，收购要约收益的再投资显著较高。这与心理会计是一致的，即不同来源的现金流被不同地对待。
We provide evidence of households’ stock market trading in response to clearly identifiable positive cash flow shocks: dividend payments and tender offer proceeds. Transaction cost motives appear important, and there is some support for rational portfolio rebalancing and life cycle considerations as well. Households’ tendency to reinvest is low, even for large and unexpected dividend payments. This is consistent with a default choice bias, and is not due to dividend clientele effects. Reinvestment of tender offer proceeds is significantly higher, controlling for other important factors. This is consistent with mental accounting, i.e., cash flows from different sources are treated differently.