Online Investors: What They Want, What They Do, and How Their Portfolios Perform

A. Hoffmann, H. Shefrin
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引用次数: 16

Abstract

For 5,500 individual online investors we match survey records with recent trading data to investigate what they want, in terms of their stated objectives for investing, what they do, in terms of the broad investing strategies they employ, and how their portfolios perform in terms of risk, return, turnover, and diversification. Our results show that speculation is an important investment objective, and is related to a higher turnover of stocks and derivatives, as well as riskier returns. In contrast, while the proportion of individual online investors saving for retirement is relatively low, those who do have this as their objective display a lower turnover of stocks and hold less concentrated portfolios. Individual online investors rely strongly on technical analysis as an investing strategy, which goes hand in hand with a higher turnover of stocks and derivatives, more concentrated portfolios, lower returns, and higher risk. Finally, a large fraction of the individual online investors in our sample rely on their intuition as an investing strategy, which is associated with a higher turnover of stocks.
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网上投资者:他们想要什么,他们做什么,以及他们的投资组合表现如何
对于5,500名个人在线投资者,我们将调查记录与最近的交易数据相匹配,以调查他们想要什么,他们声明的投资目标,他们做什么,他们采用的广泛投资策略,以及他们的投资组合在风险,回报,周转和多样化方面的表现。我们的研究结果表明,投机是一个重要的投资目标,并且与股票和衍生品的高周转率以及更高的回报有关。相比之下,虽然个人网上投资者为退休储蓄的比例相对较低,但那些以退休为目标的人的股票周转率较低,投资组合的集中度也较低。个人在线投资者强烈依赖技术分析作为一种投资策略,这与股票和衍生品的高周转率、更集中的投资组合、更低的回报和更高的风险密切相关。最后,在我们的样本中,很大一部分个人在线投资者依靠他们的直觉作为投资策略,这与更高的股票周转率有关。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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Consumer Acquiescence to Informed Consent: The Influence of Vulnerability, Motive, Trust and Suspicion Online Investors: What They Want, What They Do, and How Their Portfolios Perform
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