個人投資人交易行為之研究
Date Issued
2002
Date
2002
Author(s)
DOI
902416H002016
Abstract
We investigate trading and
performance in common stock investment of
individual investors of 52,649 accounts from
January 1998 to September 2001. The
average household earns a monthly return
of –0.740%. Individual investors tend to
invest in high-beta, growth stocks. The scale
of the company is not the main factor when
they select the stocks. We find that low
turnover (quintile 1) investors perform the
best and the second best group of investors is
the group of high turnover (quintile 5)
investors. The high turnover investors may
result from they hold more useful
information and they are able to make a
correct judgment. They even have better
professional capability to make the good
selection of stocks.
Subjects
Behavioral Finance
Individual
Investors
Investors
Trading Behavior
Investment Performance
Publisher
臺北市：國立臺灣大學財務金融學系暨研究所
Type
report
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