Journal article
Trading as Entertainment?
Management science, v 55(4), pp 591-603
01 Apr 2009
Featured in Collection : UN Sustainable Development Goals @ Drexel
Abstract
Among 1,000 German brokerage clients for whom both survey responses and actual trading records are available, investors who report enjoying investing or gambling turn over their portfolio at twice the rate of their peers. Including entertainment attributes as additional explanatory variables in cross-sectional regressions of portfolio turnover on objective investor attributes more than doubles the fraction of the total variation of portfolio turnover that can be explained. The results are robust to controlling for gender and proxies for overconfidence constructed from survey responses. Nonpecuniary benefits of trading thus appear to offer a straightforward explanation of the "excessive trading puzzle."
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Details
- Title
- Trading as Entertainment?
- Creators
- Daniel Dorn (Corresponding Author) - Drexel UniversityPaul Sengmueller - Tilburg University
- Publication Details
- Management science, v 55(4), pp 591-603
- Publisher
- Informs
- Number of pages
- 13
- Grant note
- University of Maryland
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Finance
- Web of Science ID
- WOS:000265008300007
- Scopus ID
- 2-s2.0-67650337575
- Other Identifier
- 991019168907104721
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- Collaboration types
- Domestic collaboration
- International collaboration
- Web of Science research areas
- Management
- Operations Research & Management Science