Mark Twain’s Cat: Investment Experience, Categorical Thinking and Stock Selection
Mark Twain’s Cat: Investment Experience, Categorical Thinking and Stock Selection
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马克·吐温的猫：投资经验、分类思维和选股
DOI：
10.2139/ssrn.1786271
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发表时间：
2018
期刊：
影响因子：
--
通讯作者：
Xing Huang
中科院分区：
文献类型：
--
作者：
Xing Huang
本文考察了特定行业的前期投资经验对后续投资决策的影响。利用1991年至1996年期间一家大型折扣经纪公司的家庭交易记录，我发现，在某一特定行业中先前的成功增加了随后在同一行业购买的可能性。对于最近的经验和不太成熟或多元化的投资者来说，这种影响更强，而且它不会增加财富。研究结果表明，投资者对行业的分类分辨率很高，比法玛-弗伦奇的十大行业分类更精细。类似的影响也明显的大小和价值为基础的类别，但在较小的幅度。
This paper examines the effect of prior investment experience in specific industries on subsequent investment decisions. Using households’ trading records from a large discount broker between 1991 and 1996, I find that prior success in a given industry increases the likelihood of subsequent purchases in the same industry. The effect is stronger for more recent experiences and for less sophisticated or diversified investors, and it is not wealth enhancing. The results suggest investors categorize industries at a highly resolved level, finer than the Fama–French ten-industry classification. Similar effects are also apparent for size- and value-based categories but at smaller magnitudes.
影响因子：
2
作者：
Thaler, RH
通讯作者：
Thaler, RH