Do traders overweight experience from first movers?

IF 1.5 3区经济学 Q3 BUSINESS, FINANCE Journal of Financial Research Pub Date : 2024-08-07 DOI:10.1111/jfir.12427

Naomi Boyd, Shenru Li

引用次数: 0

Abstract

We examine empirically how trading by peers on a new platform influences others' adoption decisions. We model the adoption process and find the relation to be U‐shaped, with first movers greatly discouraging their peers from adoption and late movers slightly discouraging or encouraging their peers. Further analysis shows that the U‐shape is explained by social transmission bias rather than profitability.

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贸易商是否从先行者那里获得了过多的经验？

我们通过实证研究了同行在新平台上的交易如何影响他人的采用决定。我们对采用过程进行建模，发现这种关系呈 U 型，先行者会极大地阻碍同行采用新平台，而后来者则会轻微地阻碍或鼓励同行采用新平台。进一步的分析表明，这种 U 型关系是由社会传播偏差而不是盈利能力造成的。

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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来源期刊

Journal of Financial Research BUSINESS, FINANCE-

CiteScore

1.70

自引率

0.00%

发文量

期刊介绍： The Journal of Financial Research(JFR) is a quarterly academic journal sponsored by the Southern Finance Association (SFA) and the Southwestern Finance Association (SWFA). It has been continuously published since 1978 and focuses on the publication of original scholarly research in various areas of finance such as investment and portfolio management, capital markets and institutions, corporate finance, corporate governance, and capital investment. The JFR, also known as the Journal of Financial Research, provides a platform for researchers to contribute to the advancement of knowledge in the field of finance.

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