Which Investment Behaviors Really Matter for Individual Investors?
2014; RELX Group (Netherlands); Linguagem: Inglês
10.2139/ssrn.2381435
ISSN1556-5068
AutoresJoachim Weber, Steffen Meyer, Benjamin Loos, Andreas Hackethal,
Tópico(s)Auditing, Earnings Management, Governance
ResumoUsing a European discount broker data set we simultaneously analyze the performance impact of ten investment behaviors. Only under-diversicat ion and lottery-stock preference are signicantly related to returns and also economically large. Reducing these behaviors by one standard deviation would improve the average investor’s return relative to other investors in our sample by 2.9% for lottery-stock preference and 1.5% for underdiversication. Using a combined investment behavior measure we
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