Income, trading, and performance: Evidence from retail investors

Dien Giau Bui, Iftekhar Hasan, Chih-Yung Lin*, Rui Xiang Zhai

*此作品的通信作者

研究成果: Article同行評審

3 引文 斯高帕斯(Scopus)

摘要

We examine whether household income influences the trading styles of retail investors and their investment performance. To investigate this question, we use a unique dataset of branch-level trading that contains all retail investors and observe that those investors with high income trade more and earn significantly higher returns in the stock market. In addition, this income effect becomes stronger for highly risky stocks, such as gambling or lottery-like stocks. These findings are in line with the information model theorized by Peress (2004) in which wealthy investors take extra risks by trading more stocks.

原文English
頁(從 - 到)176-195
頁數20
期刊Journal of Empirical Finance
66
DOIs
出版狀態Published - 3月 2022

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