文献类型： 外文期刊
作者： Barber, Brad M. 1 ; Lee, Yi-Tsung 2 ; Liu, Yu-Jane 2 ; Odean, Terrance 3 ; Zhang, Ke 4 ;
作者机构： 1.Univ Calif Davis, Grad Sch Management, Davis, CA 95616 USA
2.Peking Univ, Guanghua Sch Management, Beijing, Peoples R China
3.Univ Calif Berkeley, Haas Sch Business, 2100 Piedmont Ave, Berkeley, CA 94720 USA
4.Nanjing Univ, Sch Management & Engn, Nanjing, Jiangsu, Peoples R China
期刊名称：REVIEW OF ASSET PRICING STUDIES （ 影响因子：13.1； 五年影响因子：9.8 ）
ISSN： 2045-9920
年卷期： 2020 年 10 卷 1 期
页码：
收录情况： SCI
摘要： Rational models claim "trading to learn" explains widespread excessive speculative trading and challenge behavioral explanations of excessive trading. We argue rational learning models do not explain speculative trading by studying day traders in Taiwan. Consistent with previous studies of learning, unprofitable day traders are more likely than profitable traders to quit. Consistent with models of overconfidence and biased learning (but not with rational learning), the aggregate performance of day traders is negative; 74% of day trading volume is generated by traders with a history of losses; and 97% of day traders are likely to lose money in future day trading.
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