IQ,trading behavior,and performance |
| |
Authors: | Mark Grinblatt Matti Keloharju Juhani T. Linnainmaa |
| |
Affiliation: | 1. UCLA Anderson School of Management, United States;2. Aalto University, Finland;3. CEPR, United Kingdom;4. University of Chicago, Booth School of Business, United States |
| |
Abstract: | We analyze whether IQ influences trading behavior, performance, and transaction costs. The analysis combines equity return, trade, and limit order book data with two decades of scores from an intelligence (IQ) test administered to nearly every Finnish male of draft age. Controlling for a variety of factors, we find that high-IQ investors are less subject to the disposition effect, more aggressive about tax-loss trading, and more likely to supply liquidity when stocks experience a one-month high. High-IQ investors also exhibit superior market timing, stock-picking skill, and trade execution. |
| |
Keywords: | G11 G14 |
本文献已被 ScienceDirect 等数据库收录! |
|