个人投资者直接股票投资中的熟悉度偏差

IF 1.9 Q2 BUSINESS, FINANCE Review of Behavioral Finance Pub Date : 2023-11-23 DOI:10.1108/rbf-03-2023-0074
Shan Lei, Ani Manakyan Mathers
{"title":"个人投资者直接股票投资中的熟悉度偏差","authors":"Shan Lei, Ani Manakyan Mathers","doi":"10.1108/rbf-03-2023-0074","DOIUrl":null,"url":null,"abstract":"<h3>Purpose</h3>\n<p>This study examines the relationship between investors' familiarity bias, including the home bias and endowment bias, and their financial situations, expectations and personal characteristics.</p><!--/ Abstract__block -->\n<h3>Design/methodology/approach</h3>\n<p>Using the 2019 Survey of Consumer Finances, the authors utilize an ordinary least squares regression to identify the presence of endowment bias and home bias in individual investors' direct stock holdings and use a Heckman selection model to examine determinants of the extent of endowment bias and home bias.</p><!--/ Abstract__block -->\n<h3>Findings</h3>\n<p>This study finds that investors with higher income and more education, men, non-white investors and people with greater risk tolerance are actually at a greater risk of endowment bias. This study also identifies a profile of investors that are more likely to have a home bias: with less financial sophistication, lower net worth, older, female, more risk-averse, with a positive expectation about the domestic economy and a relatively shorter investment horizon.</p><!--/ Abstract__block -->\n<h3>Originality/value</h3>\n<p>This paper is among the first to use US investors' directly reported stock holdings to examine the individual characteristics that are correlated with greater familiarity bias, providing financial professionals with information about how to allocate their limited time in providing education to a variety of clients.</p><!--/ Abstract__block -->","PeriodicalId":44559,"journal":{"name":"Review of Behavioral Finance","volume":"1 1","pages":""},"PeriodicalIF":1.9000,"publicationDate":"2023-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Familiarity bias in direct stock investment by individual investors\",\"authors\":\"Shan Lei, Ani Manakyan Mathers\",\"doi\":\"10.1108/rbf-03-2023-0074\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<h3>Purpose</h3>\\n<p>This study examines the relationship between investors' familiarity bias, including the home bias and endowment bias, and their financial situations, expectations and personal characteristics.</p><!--/ Abstract__block -->\\n<h3>Design/methodology/approach</h3>\\n<p>Using the 2019 Survey of Consumer Finances, the authors utilize an ordinary least squares regression to identify the presence of endowment bias and home bias in individual investors' direct stock holdings and use a Heckman selection model to examine determinants of the extent of endowment bias and home bias.</p><!--/ Abstract__block -->\\n<h3>Findings</h3>\\n<p>This study finds that investors with higher income and more education, men, non-white investors and people with greater risk tolerance are actually at a greater risk of endowment bias. This study also identifies a profile of investors that are more likely to have a home bias: with less financial sophistication, lower net worth, older, female, more risk-averse, with a positive expectation about the domestic economy and a relatively shorter investment horizon.</p><!--/ Abstract__block -->\\n<h3>Originality/value</h3>\\n<p>This paper is among the first to use US investors' directly reported stock holdings to examine the individual characteristics that are correlated with greater familiarity bias, providing financial professionals with information about how to allocate their limited time in providing education to a variety of clients.</p><!--/ Abstract__block -->\",\"PeriodicalId\":44559,\"journal\":{\"name\":\"Review of Behavioral Finance\",\"volume\":\"1 1\",\"pages\":\"\"},\"PeriodicalIF\":1.9000,\"publicationDate\":\"2023-11-23\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Review of Behavioral Finance\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1108/rbf-03-2023-0074\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Review of Behavioral Finance","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/rbf-03-2023-0074","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0

摘要

目的研究投资者的熟悉偏差(包括家乡偏差和禀赋偏差)与其财务状况、预期和个人特征之间的关系。利用2019年消费者财务调查,作者利用普通最小二乘回归来确定个人投资者直接持股中禀赋偏差和家乡偏差的存在,并使用Heckman选择模型来检查禀赋偏差和家乡偏差程度的决定因素。本研究发现,收入较高、受教育程度较高的投资者、男性、非白人投资者以及风险承受能力较强的人,实际上存在更大的禀赋偏差风险。这项研究还确定了更可能有本土偏见的投资者的概况:金融经验较差,净资产较低,年龄较大,女性,更厌恶风险,对国内经济抱有积极预期,投资期限相对较短。原创性/价值本文是第一批使用美国投资者直接报告的股票持有量来研究与更大的熟悉偏差相关的个体特征的论文之一,为金融专业人士提供了有关如何分配他们为各种客户提供教育的有限时间的信息。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
Familiarity bias in direct stock investment by individual investors

Purpose

This study examines the relationship between investors' familiarity bias, including the home bias and endowment bias, and their financial situations, expectations and personal characteristics.

Design/methodology/approach

Using the 2019 Survey of Consumer Finances, the authors utilize an ordinary least squares regression to identify the presence of endowment bias and home bias in individual investors' direct stock holdings and use a Heckman selection model to examine determinants of the extent of endowment bias and home bias.

Findings

This study finds that investors with higher income and more education, men, non-white investors and people with greater risk tolerance are actually at a greater risk of endowment bias. This study also identifies a profile of investors that are more likely to have a home bias: with less financial sophistication, lower net worth, older, female, more risk-averse, with a positive expectation about the domestic economy and a relatively shorter investment horizon.

Originality/value

This paper is among the first to use US investors' directly reported stock holdings to examine the individual characteristics that are correlated with greater familiarity bias, providing financial professionals with information about how to allocate their limited time in providing education to a variety of clients.

求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
Review of Behavioral Finance
Review of Behavioral Finance BUSINESS, FINANCE-
CiteScore
4.70
自引率
5.00%
发文量
44
期刊介绍: Review of Behavioral Finance publishes high quality original peer-reviewed articles in the area of behavioural finance. The RBF focus is on Behavioural Finance but with a very broad lens looking at how the behavioural attributes of the decision makers influence the financial structure of a company, investors’ portfolios, and the functioning of financial markets. High quality empirical, experimental and/or theoretical research articles as well as well executed literature review articles are considered for publication in the journal.
期刊最新文献
Deciphering CEO disclosure tone inconsistency: a behavioural exploration Lottery stocks in Brazil: investigating risk premium and investor behavior Do executive facial trustworthiness have impact on IPO underpricing in the Indonesia stock exchange? Mental time travel and the valuation of financial investments: analysing five biases that cause pricing anomalies Price delay and herding: evidence from the cryptocurrency market
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1