What makes investors trade?
What makes investors trade?
复制标题
DOI：
10.1111/0022-1082.00338
复制
发表时间：
2001-04-01
影响因子：
8
通讯作者：
Keloharju, M
中科院分区：
文献类型：
--
作者：
Grinblatt, M;Keloharju, M
一个独特的数据集使我们能够每天监控个人和机构在芬兰股票市场的买入、卖出和持有。有了这个数据集，我们采用Logit回归来确定两年期间买卖活动的决定因素。我们发现的证据表明，投资者不愿意实现损失，他们从事税收损失出售活动，以及过去的回报和历史价格模式，如每月的高点或低点，影响交易。也有少量证据表明，生命周期交易在买卖模式中发挥了作用。
A unique data set allows us to monitor the buys, sells, and holds of individuals and institutions in the Finnish stock market on a daily basis. With this data set, we employ Logit regressions to identify the determinants of buying and selling activity over a two-year period. We find evidence that investors are reluctant to realize losses, that they engage in tax-loss selling activity, and that past returns and historical price patterns, such as being at a monthly high or low, affect trading. There also is modest evidence that life-cycle trading plays a role in the pattern of buys and sells.