Behavior and performance of emerging market investors:Evidence from China

摘要：

We study brokerage account data from China to study investing behavior and trading performance in an emerging market. We find that Chinese investors exhibit behavioral biases (i.e., they seem overconfident, inclined toward a disposition effect, and exhibit a representativeness bias) and make poor ex post trading decisions. We also consider potential cross-sectional determinants of investing behavior. Specifically, we identify (1) investors who have accumulated relatively more years of investing experience, (2) middle-aged investors, (3) active investors, (4) investors with relatively more wealth, and (5) investors from the more cosmopolitan Chinese cities, to see if these investors are less prone to exhibiting behavioral biases. Oftentimes, the answer seems to be ‘no.’

关键词： Investor behavior Trading performance China

作者: Gong-Meng Chen Kenneth A. Kim John R. Nofsinger Oliver M. Rui

作者单位: Department of Accountancy, Hong Kong Polytechnic University, Kowloon, Hong Kong School of Management, State University of New York at Buffalo, Buffalo, NY 14260, USA,PACAP Research College of Business and Economics, Washington State University, Pullman, WA, 99164, USA Faculty of Business Administration, Chinese University of Hong Kong, Shatin, Hong Kong

会议类型: 国际会议

会议名称: 2006年中国国际金融年会

会议地点: 西安

会议语种:英文

在线出版日期: 2006-07-17（万方平台首次上网日期，不代表论文的发表时间）