Good reasons sell: Reason-based choice among group and individual investors in the stock market

被引：54

作者：

Barber, BM ^{[1
]}

Heath, C

Odean, T

机构：

[1] Univ Calif Davis, Grad Sch Management, Davis, CA 95616 USA

[2] Stanford Univ, Grad Sch Business, Stanford, CA 94305 USA

[3] Univ Calif Berkeley, Haas Sch Business, Berkeley, CA 94720 USA

来源：

MANAGEMENT SCIENCE | 2003年 / 49卷 / 12期

关键词：

reason-based choice; group decision making; group polarization;

D O I：

10.1287/mnsc.49.12.1636.25109

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

In this paper, we compare the investment decisions of groups (stock clubs) and individuals. Both individuals and clubs are more likely to purchase stocks that are associated with good reasons (e.g., a company that is featured on a list of most-admired companies). However, stock clubs favor such stocks more than individuals, despite the fact that such reasons do not improve performance. We describe why social dynamics may make good reasons more important for groups than individuals.

引用

页码：1636 / 1652

页数：17

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