The meerkat effect: Personality and market returns affect investors' portfolio monitoring behaviour
The meerkat effect: Personality and market returns affect investors' portfolio monitoring behaviour
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猫鼬效应：个性和市场回报影响投资者的投资组合监控行为
DOI：
10.1016/j.jebo.2014.07.013
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发表时间：
2014
影响因子：
2.2
通讯作者：
Gherzi S
中科院分区：
文献类型：
--
作者：
Gherzi S
Karlsson，Loewenstein和Seppi（2009）发现，在市场下跌之后，投资者不太可能登录来监控他们的退休投资组合。他们的结论是，就像（杜撰的）鸵鸟把头埋在沙子里一样，投资者通过减少对投资组合的监控来避免不愉快的信息，以应对负面的市场波动。我们应用广义非线性混合效应模型来测试这种选择性的信息监测在个人层面上的一个新的样本中的活跃的在线投资者。我们在这个新样本中看到了不同的行为。我们发现，投资者增加了他们的投资组合监控后，积极和每日负的市场回报，行为更像是高度警惕的猫鼬，而不是头在沙子鸵鸟。这种模式持续登录不导致交易和周末登录时，市场关闭。此外，投资者的人格特质-神经质-温和的模式，投资组合监测表明，市场驱动的变化，投资组合监测是由于心理因素。
Karlsson, Loewenstein and Seppi (2009) found that, following market downswings, investors are less likely to login to monitor their retirement portfolios. They concluded that, rather like (apocryphal) ostriches sticking their heads in the sand, investors avoid unpleasant information by reducing portfolio monitoring in response to news of negative market movement. We apply generalised non-linear mixed effects models to test for this selective information monitoring at an individual level in a new sample of active online investors. We see different behaviour in this new sample. We find that investorsincreasetheir portfolio monitoring following both positive and daily negative market returns, behaving more like hyper-vigilant meerkats than head-in-the-sand ostriches. This pattern persists for logins not resulting in trades and weekend logins when markets are closed. Moreover, an investor personality trait – neuroticism – moderates the pattern of portfolio monitoring suggesting that market – driven variation in portfolio monitoring is attributable to psychological factors.