IQ, trading behavior, and performance

• 成果类型: Article
• 署名作者: Grinblatt, Mark; Keloharju, Matti; Linnainmaa, Juhani T.
• 署名单位: University of California System; University of California Los Angeles; Aalto University; University of Chicago
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2011.05.016
• 发表日期: 2012
• 页码: 339-362
• 关键词: intelligence; household finance; Trading performance

摘要

We analyze whether IQ influences trading behavior, performance, and transaction costs. The analysis combines equity return, trade, and limit order book data with two decades of scores from an intelligence (IQ) test administered to nearly every Finnish male of draft age. Controlling for a variety of factors, we find that high-IQ investors are less subject to the disposition effect, more aggressive about tax-loss trading, and more likely to supply liquidity when stocks experience a one-month high. High-IQ investors also exhibit superior market timing, stock-picking skill, and trade execution. (C) 2011 Elsevier B.V. All rights reserved.