A portrait of the individual investor

被引：142
|
作者：
De Bondt, WFM [1 ]
机构：
[1] Univ Zurich, Inst Empir Econ Res, CH-8006 Zurich, Switzerland
来源：
EUROPEAN ECONOMIC REVIEW | 1998年 / 42卷 / 3-5期
关键词：
behavioral finance; investor decision making; rationality;
D O I：
10.1016/S0014-2921(98)00009-9
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Behavioral finance models often rely on a concept of noise traders who are prone to judgment and decision-making errors. What do noise traders do? We review prior research and present new survey evidence on the behavior of small individual investors who manage their own equity portfolios. Many people(1) discover naive patterns in past price movements, (2) share popular models of value, (3) are not properly diversified, and (4) trade in suboptimal ways. (C) 1998 Elsevier Science B.V. All rights reserved.
引用
收藏
页码：831 / 844
页数：14
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