Taming the bias zoo

• 成果类型: Article
• 署名作者: Liu, Hongqi; Peng, Cameron; Xiong, Wei A.; Xiong, Wei
• 署名单位: The Chinese University of Hong Kong, Shenzhen; University of London; London School Economics & Political Science; Shenzhen Stock Exchange (SZSE); Princeton University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2021.06.001
• 发表日期: 2022
• 页码: 716-741
• 关键词: Bias zoo; Excessive trading; Gambling preference; Perceived information advantage

摘要

The success of behavioral economics has led to a new challenge: many biases offer ob-servationally similar predictions for a targeted financial anomaly. To tame this bias zoo, we combine subjective survey responses with observational data to propose a new ap-proach, one that is robust to question-specific biases introduced through surveys. We il-lustrate this approach by administering a nationwide survey of Chinese retail investors to elicit their trading motives. In cross-sectional regressions of respondents' actual turnover on survey-based trading motives, perceived information advantage and gambling prefer-ence dominate other motives, though they are not the most prevalent biases based on survey responses. (c) 2021 Elsevier B.V. All rights reserved.