Attention and Biases: Evidence from Tax-Inattentive Investors

被引：0
|
作者：
Birru, Justin [1 ]
Chague, Fernando [2 ]
De-Losso, Rodrigo [3 ]
Giovannetti, Bruno [2 ]
机构：
[1] Ohio State Univ, Fisher Coll Business, Columbus, OH 43210 USA
[2] Fundacao Getulio Vargas, Sao Paulo Sch Econ, BR-01332000 Sao Paulo, Brazil
[3] Univ Sao Paulo, Dept Econ, BR-05508220 Sao Paulo, Brazil
来源：
MANAGEMENT SCIENCE | 2023年
关键词：
retail investors; behavioral inattention; trading performance; behavioral biases; heuristics; financial mistakes; BEHAVIORAL BIASES; DISPOSITION; MARKET; NEWS; UNDERREACTION; PROBABILITY; INFORMATION; PSYCHOLOGY; LIQUIDITY; JUDGMENT;
D O I：
10.1287/mnsc.2021.02516
中图分类号：
C93 [管理学];
学科分类号：
12 ; 1201 ; 1202 ; 120202 ;
摘要：
We first provide evidence of investor inattention to a very simple and well-known capital gains tax exemption in the Brazilian stock market. We then show that inattentive investors exhibit worse trading performance and stronger trading biases even after controlling for several investor-level variables, such as past trading experience. The evidence is consistent with inattention being one of the explanations for the prevalence of behavioral biases.
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页数：20
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