Investor attention and portfolio performance: what information does it pay to pay attention to?

被引：4

作者：

Davydov, Denis ^{[1
]}

Khrashchevskyi, Ian ^{[2
]}

Peltomaki, Jarkko ^{[2
]}

机构：

[1] Univ Vaasa, Sch Accounting & Finance, Vaasa, Finland

[2] Stockholm Univ, Stockholm Business Sch, Stockholm, Sweden

来源：

EUROPEAN JOURNAL OF FINANCE | 2021年 / 27卷 / 17期

关键词：

Investor attention; financial education; portfolio performance; information type; FINANCIAL LITERACY; DISPOSITION; DIVERSIFICATION; EDUCATION; GENDER;

D O I：

10.1080/1351847X.2021.1911823

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We explore a unique dataset on individual investors' online trading accounts to examine the determinants of their attention and its relation to portfolio performance. In particular, we investigate what individual characteristics affect investor attention and what type of information drives investment performance. We find distinct differences in investors' attention and provide evidence that paying attention has a differential impact on performance depending on the type of information. Portfolio monitoring and attention to financial education are positively related to performance, while attention to analytical information is detrimental to performance. Attention to technical analysis is negatively related to the performance of actively trading investors but improves the performance of less frequent traders. Overall, our results provide additional evidence to the suggestion that attention to financial education is the key to investment success.

引用

页码：1740 / 1764

页数：25

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