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Article: The Correlated Trading and Investment Performance of Individual Investors
| Title | The Correlated Trading and Investment Performance of Individual Investors |
|---|---|
| Authors | |
| Issue Date | 12-Jun-2024 |
| Publisher | Elsevier |
| Citation | Journal of Empirical Finance, 2024 How to Cite? |
| Abstract | Individual investors tend to trade in the same direction as other individual investors in the same broker branch. The more pronounced an individual investor's herding behavior, the worse his/her investment performance. We find that the limit orders of herding investors have a lower execution ratio, a longer time-to-execution, and a higher probability of being picked up by institutional investors, indicating that their orders are subject to the pick-off risk as they face fierce execution competition and tend to become stale after submissions. Finally, we find that individual investors learn from experience and herd less in the future. |
| Persistent Identifier | http://hdl.handle.net/10722/344025 |
| ISSN | 2023 Impact Factor: 2.1 2023 SCImago Journal Rankings: 0.927 |
| DC Field | Value | Language |
|---|---|---|
| dc.contributor.author | Kuo, Wei-Yu | - |
| dc.contributor.author | Lin, Tse-Chun | - |
| dc.contributor.author | Zhao, Jing | - |
| dc.date.accessioned | 2024-06-25T03:29:58Z | - |
| dc.date.available | 2024-06-25T03:29:58Z | - |
| dc.date.issued | 2024-06-12 | - |
| dc.identifier.citation | Journal of Empirical Finance, 2024 | - |
| dc.identifier.issn | 0927-5398 | - |
| dc.identifier.uri | http://hdl.handle.net/10722/344025 | - |
| dc.description.abstract | <p>Individual investors tend to trade in the same direction as other individual investors in the same broker branch. The more pronounced an individual investor's herding behavior, the worse his/her investment performance. We find that the limit orders of herding investors have a lower execution ratio, a longer time-to-execution, and a higher probability of being picked up by institutional investors, indicating that their orders are subject to the pick-off risk as they face fierce execution competition and tend to become stale after submissions. Finally, we find that individual investors learn from experience and herd less in the future.</p> | - |
| dc.language | eng | - |
| dc.publisher | Elsevier | - |
| dc.relation.ispartof | Journal of Empirical Finance | - |
| dc.rights | This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License. | - |
| dc.title | The Correlated Trading and Investment Performance of Individual Investors | - |
| dc.type | Article | - |
| dc.identifier.doi | 10.1016/j.jempfin.2024.101522 | - |
| dc.identifier.eissn | 1879-1727 | - |
| dc.identifier.issnl | 0927-5398 | - |