排序方式: 共有2条查询结果,搜索用时 15 毫秒
1
1.
Does Trading Improve Individual Investor Performance? 总被引:2,自引:0,他引:2
Shu Pei-Gi Chiu Shean-Bii Chen Hsuan-Chi Yeh Yin-Hua 《Review of Quantitative Finance and Accounting》2004,22(3):199-217
From 52,649 accounts and 10,615,117 transaction records obtained from a renowned brokerage house in Taiwan we find that individual investors purchase 73.4% and sell 64.5% of their stock portfolios each month. This is more than ten times the statistics for their U.S. counterparts. In general, individual investors have positive abnormal returns from factor-based models. However, they would have earned higher returns from following a buy-and-hold strategy. We find a U-shaped rather than a monotonic turnover and performance relation. The results do not support the overconfidence argument proposed by Barber and Odean (2000, 2001) nor does the rational model of Grossman and Stiglitz (1980). We find that investors with large portfolio values tend to be informed traders whose excess trading does create performance value. We also investigate whether men are more overconfident than women and find that even though men trade more excessively than women, men's performance measures are not dramatically lower than women's. Specifically, the own-benchmark adjusted gross return for men is higher than that for women. The regression results indicate that electronic traders rather than men are overconfident. 相似文献
2.
Pei-Gi Shu Yin-Hua Yeh Shean-Bii Chiu Fu-Sheng Ho 《Review of Quantitative Finance and Accounting》2011,36(4):533-554
The main purpose of this paper to examine how the reputation effect of venture capital (VC) is associated with the initial
return and ex-post performance of its invested IPO firms. In this paper, we use 267 Taiwanese IPO firms in 1994–2007 periods
and find that VC-backed firms outperform non-VC-backed firms in terms of ex-post equity market-to-book ratio, ROA and R&D
expenditure ratio. For those VC-backed IPOs, reputable VC-backed firms outperform mediocre VC-backed ones. Moreover, among
the four proxies of VC reputation, the market share with respect to total IPO proceeds is most promising in explaining IPO
firms’ ex-post performance. The overall result confirms the reputation effect associated with VC. 相似文献
1