政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/62730

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | Items with full text/Total items : 112721/143689 (78%)
Visitors : 49578125 Online Users : 885

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer

政大典藏 > College of Commerce > Department of International Business > Periodical Articles > Item 140.119/62730

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/62730

Title:	Overconfident Individual Day Traders: Evidence from the Taiwan Futures Market
Authors:	郭維裕;林則君 Kuo,Wei-Yu;Lin,Tse-Chun
Contributors:	國貿系
Keywords:	Overconfidence;Index futures;Day traders;Individual investors;Learning
Date:	2013.09
Issue Date:	2013-12-19 12:04:10 (UTC+8)
Abstract:	A specific day-trading policy in Taiwan futures market allows an investigation of the performance of day traders. Since October 2007, investors who characterize themselves as “day traders” by closing their day-trade positions on the same day enjoy a 50% reduction in the initial margin. Because we can identify day traders ex ante, we have a laboratory to explore trading behavior without the contamination of potential behavioral biases. Our results show that the 3470 individual day traders in the sample incur on average a significant loss of 61,500 (26,700) New Taiwan dollars after (before) transaction costs over October 2007–September 2008. This implies that day traders are not only overconfident about the accuracy of their information but also biased in their interpretations of information. We also find that excessive trading is hazardous only to the overconfident losers, but not to the winners. Last, we provide evidence that more experienced individual investors exhibit more aggressive day trading behavior, although they do not learn their types or gain superior trading skills that could mitigate their losses.
Relation:	Journal of Banking and Finance, 37(9), 3548-3561
Data Type:	article
DOI link:	http://dx.doi.org/10.1016/j.jbankfin.2013.04.036
DOI:	10.1016/j.jbankfin.2013.04.036
Appears in Collections:	[Department of International Business] Periodical Articles

Files in This Item:

File	Description	Size	Format
35483561.pdf		509Kb	Adobe PDF2	1195	View/Open

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

Loading...