Boys will be Boys : Gender , Overconfidence , and Common Stock Investment
Boys will be Boys : Gender , Overconfidence , and Common Stock Investment
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男孩就是男孩：性别、过度自信和普通股投资
DOI：
10.1111/j.1467-839x.2009.01285.x
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发表时间：
2000
影响因子：
2.4
通讯作者：
Terrance Odean
中科院分区：
文献类型：
--
作者：
B. Barber;Terrance Odean
理论模型预测，过度自信的投资者会过度交易。我们通过按性别划分投资者来检验这一预测。心理学研究表明，在金融等领域，男性比女性更加自信。因此，理论预测，男性将比女性进行更多的交易。我们使用来自一家大型折扣经纪公司的35,000多户家庭的账户数据，分析了1991年2月至1997年1月期间男性和女性的普通股投资。我们的数据显示，男性的交易量比女性高出45%。交易每年使男子的净收益减少2.65个百分点，而妇女减少1.72个百分点。
Theoretical models predict that overconfident investors trade excessively. We test this prediction by partitioning investors on gender. Psychological research demonstrates that, in areas such as finance, men are more overconfident than women. Thus, theory predicts that men will trade more excessively than women. Using account data for over 35,000 households from a large discount brokerage, we analyze the common stock investments of men and women from February 1991 through January 1997. We document that men trade 45 percent more than women. Trading reduces men’s net returns by 2.65 percentage points a year as opposed to 1.72 percentage points for women.