| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11426 |
| 来源ID | Working Paper 11426 |
| Investor Competence, Trading Frequency, and Home Bias | |
| John R. Graham; Campbell R. Harvey; Hai Huang | |
| 发表日期 | 2005-06-20 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | People are more willing to bet on their own judgments when they feel skillful or knowledgeable (Heath and Tversky (1991)). We investigate whether this "competence effect" influences trading frequency and home bias. We find that investors who feel competent trade more often and have a more internationally diversified portfolio. We also find that male investors, and investors with higher income or more education, are more likely to perceive themselves as competent investors than are female investors, and investors with lower income or less education. Our results are unlikely to be explained by other hypotheses, such as overconfidence or information advantage. Finally, we separately establish a link between optimism towards the home market and international portfolio diversification. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; International Economics ; International Finance |
| URL | https://www.nber.org/papers/w11426 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/569069 |
| 推荐引用方式 GB/T 7714 | John R. Graham,Campbell R. Harvey,Hai Huang. Investor Competence, Trading Frequency, and Home Bias. 2005. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11426.pdf（233KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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