Do investors trade uniformly through time?

被引：0
|
作者：
Johnson, Woodrow T. [1 ]
机构：
[1] US Secur & Exchange Commiss, Washington, DC 20549 USA
来源：
JOURNAL OF EMPIRICAL FINANCE | 2010年 / 17卷 / 04期
关键词：
Mutual funds; Unobserved heterogeneity; Individual financial decision making; Shareholder trading probibilities; CHOICE; FUNDS;
D O I：
10.1016/j.jempfin.2010.02.002
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study tests whether investors trade uniformly through time by analyzing the quarter-by-quarter trading decision of individual shareholders in one no-load mutual fund family over nearly six years. These shareholders' trading probabilities change dramatically through time. Time has a larger economic effect on the shareholders' trading decisions than data commonly used in prior research, including fund performance. This effect is larger among shareholders who have more prior transactions, and it is robust to controls for unobserved heterogeneity. (C) 2010 Published by Elsevier B.V.
引用
收藏
页码：645 / 658
页数：14
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