منابع مشابه
Do Investors Trade Too Much?
Trading volume on the world’s markets seems high, perhaps higher than can be explained by models of rational markets. For example, the average annual turnover rate on the New York Stock Exchange (NYSE) is currently greater than 75 percent and the daily trading volume of foreign-exchange transactions in all currencies (including forwards, swaps, and spot transactions) is roughly one-quarter of t...
متن کاملWhy Do Investors Trade?
We propose and estimate a structural model of daily stock market activity to test competing theories of trading volume. The model features informed rational speculators and uninformed agents who trade either to hedge endowment shocks or to speculate on perceived information. To identify the model parameters, we exploit enormous empirical variation in trading volume, market liquidity, and return...
متن کاملHow Do Individual Investors Trade ?
This paper examines how high-frequency trading decisions of individual investors are influenced by past price changes. Specifically, we address the question as to whether decisions to open or close a position are different when investors already hold a position compared to when they don’t. Based on a unique dataset from an electronic foreign exchange trading platform, OANDA FXTrade, we find tha...
متن کاملDo people trust too much or too little?
Across two studies, we asked whether people trust too much or too little, relative to what an economic analysis would suggest. In the trust game paradigm, participants decided whether to hand money over to an anonymous individual who could either return more money back or keep all the money. Participants trusted too little, in that they grossly underestimated the proportion of their peers who w...
متن کاملWhy Do Some People Drink Too Much?
17 A lcohol is available to any adult, and illegally to many minors, in the United States. Although most people abstain or drink safely, a sizable minority of the population abuses alcohol. Understanding why alcohol leads to trouble for many, but not most, people exposed to it is the goal of re s e a rc h on the cause (i.e., etiology) of alcohol abuse and alcoholism. It is already clear that so...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2015
ISSN: 1556-5068
DOI: 10.2139/ssrn.2702273