Sensation Seeking, Overconfidence, and Trading Activity

• 成果类型: Article
• 署名作者: Grinblatt, Mark; Keloharju, Matti
• 署名单位: University of California System; University of California Los Angeles; National Bureau of Economic Research; Aalto University
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/j.1540-6261.2009.01443.x
• 发表日期: 2009
• 页码: 549-578
• 关键词: COMMON-STOCK INVESTMENT; gender-differences; INVESTORS TRADE; self; performance; confidence; MARKET; BEHAVIOR; volume; RISK

摘要

This study analyzes the role that two psychological attributes-sensation seeking and overconfidence-play in the tendency of investors to trade stocks. Equity trading data from Finland are combined with data from investor tax filings, driving records, and mandatory psychological profiles. We use these data, obtained from a large population, to construct measures of overconfidence and sensation seeking tendencies. Controlling for a host of variables, including wealth, income, age, number of stocks owned, marital status, and occupation, we find that overconfident investors and those investors most prone to sensation seeking trade more frequently.