Do the portfolios of small investors reflect positive feedback trading?

被引：53

作者：

Bange, MM ^{[1
]}

机构：

[1] Univ S Carolina, Darla Moore Sch Business, Columbia, SC 29208 USA

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2000年 / 35卷 / 02期

关键词：

D O I：

10.2307/2676192

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study examines the stock market forecasts and portfolio allocation decisions of small individual investors, based on survey data for 1987-1994. When investors are bullish, they increase their equity holdings; when investors are bearish, they decrease equity holdings. The surveyed investors are unable ro time the stock market successfully. However, the shifts in their portfolios reflect past market movements and are consistent with positive feedback trading.

引用

页码：239 / 255

页数：17

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