i*********n
发帖数: 5465 | 4 Using data from a new field experiment in South Korea, we study how
information from virtual communities such as stock message boards influences
investors’ trading decisions and investment performance. Motivated by
recent studies in psychology, we conjecture that investors would use message
boards to seek information that confirms their prior beliefs. This
confirmation bias would make them more overconfident and adversely affect
their investment performance. An analysis of 502 investor responses from the
largest message board operator in South Korea supports our conjecture. We
find that investors exhibit confirmation bias when they process information
from message boards. We also demonstrate that investors with stronger
confirmation bias exhibit greater overconfidence. Those investors have
higher expectations about their performance, trade more frequently, but
obtain lower realized returns. Collectively, these results suggest that
participation in virtual communities increases investors’ propensity to
commit investment mistakes and is likely to be detrimental to their
investment performance.
★ 发自iPhone App: ChineseWeb 7.8
【在 i*********n 的大作中提到】
: kim 也不少 ：）
:
: ★ 发自iPhone App: ChineseWeb 7.8
|
