메뉴 건너뛰기




Volumn 66, Issue 3, 2011, Pages 1011-1041

Do Individual Investors Have Asymmetric Information Based on Work Experience?

Author keywords

[No Author keywords available]

Indexed keywords


EID: 79956262180     PISSN: 00221082     EISSN: 15406261     Source Type: Journal    
DOI: 10.1111/j.1540-6261.2011.01658.x     Document Type: Article
Times cited : (85)

References (45)
  • 1
    • 79956257355 scopus 로고    scopus 로고
    • Do individual day traders make money? Evidence from Taiwan, Working paper, University of California, Berkeley
    • Barber, Brad M., Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, 2005, Do individual day traders make money? Evidence from Taiwan, Working paper, University of California, Berkeley
    • (2005)
    • Barber, B.M.1    Lee, Y.-T.2    Liu, Y.-J.3    Odean, T.4
  • 2
    • 0031097135 scopus 로고    scopus 로고
    • Detecting long-run abnormal stock returns: The empirical power and specification of test statistics
    • Barber, Brad M., and John D. Lyon, 1997, Detecting long-run abnormal stock returns: The empirical power and specification of test statistics, Journal of Financial Economics 43, 341-372.
    • (1997) Journal of Financial Economics , vol.43 , pp. 341-372
    • Barber, B.M.1    Lyon, J.D.2
  • 3
    • 0037497348 scopus 로고    scopus 로고
    • Trading is hazardous to your wealth: The common stock investment performance of individual investors
    • Barber, Brad M., and Terrance Odean, 2000, Trading is hazardous to your wealth: The common stock investment performance of individual investors, Journal of Finance 55, 773-806.
    • (2000) Journal of Finance , vol.55 , pp. 773-806
    • Barber, B.M.1    Odean, T.2
  • 4
    • 38049051830 scopus 로고    scopus 로고
    • All that glitters: The effect of attention and news on the buying behavior of individual and institutional investors
    • Barber, Brad M., and Terrance Odean, 2008, All that glitters: The effect of attention and news on the buying behavior of individual and institutional investors, Review of Financial Studies 21, 785-818.
    • (2008) Review of Financial Studies , vol.21 , pp. 785-818
    • Barber, B.M.1    Odean, T.2
  • 6
    • 0031396606 scopus 로고    scopus 로고
    • The international diversification puzzle is worse than you think
    • Baxter, Marianne, and Urban J. Jermann, 1997, The international diversification puzzle is worse than you think, American Economic Review 87, 170-180.
    • (1997) American Economic Review , vol.87 , pp. 170-180
    • Baxter, M.1    Jermann, U.J.2
  • 7
    • 34250782431 scopus 로고    scopus 로고
    • Portfolio choice over the life-cycle when the stock and labor markets are cointegrated
    • Benzoni, Luca, Pierre Collin-Dufresne, and Robert S. Goldstein, 2007, Portfolio choice over the life-cycle when the stock and labor markets are cointegrated, Journal of Finance 62, 2123-2167.
    • (2007) Journal of Finance , vol.62 , pp. 2123-2167
    • Benzoni, L.1    Collin-Dufresne, P.2    Goldstein, R.S.3
  • 8
    • 38949188939 scopus 로고    scopus 로고
    • Down or out: Assessing the welfare costs of household investment mistakes
    • Calvet, Laurent E., John Y. Campbell, and Paolo Sodini, 2007, Down or out: Assessing the welfare costs of household investment mistakes, Journal of Political Economy 115, 707-747.
    • (2007) Journal of Political Economy , vol.115 , pp. 707-747
    • Calvet, L.E.1    Campbell, J.Y.2    Sodini, P.3
  • 9
    • 33746814380 scopus 로고    scopus 로고
    • Household finance
    • Campbell, John Y, 2006, Household finance, Journal of Finance 61, 1553-1604.
    • (2006) Journal of Finance , vol.61 , pp. 1553-1604
    • Campbell, J.Y.1
  • 10
    • 0002624840 scopus 로고    scopus 로고
    • On persistence in mutual fund performance
    • Carhart, Mark, 1997, On persistence in mutual fund performance, Journal of Finance 52, 57-82.
    • (1997) Journal of Finance , vol.52 , pp. 57-82
    • Carhart, M.1
  • 11
    • 25844520759 scopus 로고    scopus 로고
    • Consumption and portfolio choice over the life-cycle
    • Cocco, João F., Francisco J. Gomes, and Pascal J. Maenhout, 2005, Consumption and portfolio choice over the life-cycle, Review of Financial Studies 18, 491-533.
    • (2005) Review of Financial Studies , vol.18 , pp. 491-533
    • Cocco, J.F.1    Gomes, F.J.2    Maenhout, P.J.3
  • 12
    • 55849123030 scopus 로고    scopus 로고
    • The small world of investing: Board connections and mutual fund returns
    • Cohen, Lauren, Andrea Frazzini, and Christopher Malloy, 2008, The small world of investing: Board connections and mutual fund returns, Journal of Political Economy 116, 951-979.
    • (2008) Journal of Political Economy , vol.116 , pp. 951-979
    • Cohen, L.1    Frazzini, A.2    Malloy, C.3
  • 13
    • 79956288628 scopus 로고    scopus 로고
    • Can individual investors beat the market? Working paper, Harvard University.
    • Coval, Joshua D., David A. Hirshleifer, and Tyler Shumway, 2005, Can individual investors beat the market? Working paper, Harvard University.
    • (2005)
    • Coval, J.D.1    Hirshleifer, D.A.2    Shumway, T.3
  • 14
    • 0007884883 scopus 로고    scopus 로고
    • Home bias at home: Local equity preference in domestic portfolios
    • Coval, Joshua D., and Tobias J. Moskowitz, 1999, Home bias at home: Local equity preference in domestic portfolios, Journal of Finance 54, 2045-2073.
    • (1999) Journal of Finance , vol.54 , pp. 2045-2073
    • Coval, J.D.1    Moskowitz, T.J.2
  • 15
    • 8744258405 scopus 로고    scopus 로고
    • Investor psychology and security market under- and overreactions
    • Daniel, Kent D., David A. Hirshleifer, and Avanidhar Subrahmanyam, 1998, Investor psychology and security market under- and overreactions, Journal of Finance 53, 1839-1885.
    • (1998) Journal of Finance , vol.53 , pp. 1839-1885
    • Daniel, K.D.1    Hirshleifer, D.A.2    Subrahmanyam, A.3
  • 16
    • 0040165091 scopus 로고    scopus 로고
    • Consistent covariance matrix estimation with spatially dependent panel data
    • Driscoll, John C., and Aart C. Kraay, 1998, Consistent covariance matrix estimation with spatially dependent panel data, Review of Economics and Statistics 80, 549-560.
    • (1998) Review of Economics and Statistics , vol.80 , pp. 549-560
    • Driscoll, J.C.1    Kraay, A.C.2
  • 17
    • 0346207692 scopus 로고    scopus 로고
    • Market efficiency, long-term returns and behavioral finance
    • Fama, Eugene, 1998, Market efficiency, long-term returns and behavioral finance, Journal of Financial Economics 49, 283-307.
    • (1998) Journal of Financial Economics , vol.49 , pp. 283-307
    • Fama, E.1
  • 18
    • 38549147867 scopus 로고
    • Common risk factors in the returns on stocks and bonds
    • Fama, Eugene, and Kenneth French, 1993, Common risk factors in the returns on stocks and bonds, Journal of Financial Economics 33, 3-56.
    • (1993) Journal of Financial Economics , vol.33 , pp. 3-56
    • Fama, E.1    French, K.2
  • 19
    • 0039056070 scopus 로고    scopus 로고
    • Measuring fund strategy and performance in changing economic conditions
    • Ferson, Wayne E., and Rudi W. Schadt, 1996, Measuring fund strategy and performance in changing economic conditions, Journal of Finance 51, 425-461.
    • (1996) Journal of Finance , vol.51 , pp. 425-461
    • Ferson, W.E.1    Schadt, R.W.2
  • 22
    • 65649120648 scopus 로고    scopus 로고
    • Investor competence, trading frequency, and home bias
    • Graham, John R., Campbell R. Harvey, and Hai Huang, 2009, Investor competence, trading frequency, and home bias, Management Science 55, 1094-1106.
    • (2009) Management Science , vol.55 , pp. 1094-1106
    • Graham, J.R.1    Harvey, C.R.2    Huang, H.3
  • 23
    • 0000315933 scopus 로고
    • Information and competitive price systems
    • Grossman, Sanford J., and Joseph E. Stiglitz, 1976, Information and competitive price systems, American Economic Review 66, 246-253.
    • (1976) American Economic Review , vol.66 , pp. 246-253
    • Grossman, S.J.1    Stiglitz, J.E.2
  • 24
    • 0038880247 scopus 로고
    • Preferences and beliefs: Ambiguity and competence in choice under uncertainty
    • Heath, Chip, and Amos Tversky, 1991, Preferences and beliefs: Ambiguity and competence in choice under uncertainty, Journal of Risk and Uncertainty 4, 5-28.
    • (1991) Journal of Risk and Uncertainty , vol.4 , pp. 5-28
    • Heath, C.1    Tversky, A.2
  • 25
    • 0001927927 scopus 로고    scopus 로고
    • Portfolio choice in the presence of background risk
    • Heaton, John, and Deborah Lucas, 2000, Portfolio choice in the presence of background risk, Economic Journal 110, 1-26.
    • (2000) Economic Journal , vol.110 , pp. 1-26
    • Heaton, J.1    Lucas, D.2
  • 26
    • 79956264235 scopus 로고    scopus 로고
    • A generalization of the calendar time portfolio approach and the performance of private investors, Working paper, University of Basel.
    • Hoechle, Daniel, Markus M. Schmid, and Heinz Zimmermann, 2009, A generalization of the calendar time portfolio approach and the performance of private investors, Working paper, University of Basel.
    • (2009)
    • Hoechle, D.1    Schmid, M.M.2    Zimmermann, H.3
  • 27
    • 0035595262 scopus 로고    scopus 로고
    • Familiarity breeds investment
    • Huberman, Gur, 2001, Familiarity breeds investment, Review of Financial Studies 14, 659-680.
    • (2001) Review of Financial Studies , vol.14 , pp. 659-680
    • Huberman, G.1
  • 28
    • 0040291376 scopus 로고    scopus 로고
    • Contagious speculation and a cure for cancer: A nonevent that made stock prices soar
    • Huberman, Gur, and Tomer Regev, 2001, Contagious speculation and a cure for cancer: A nonevent that made stock prices soar, Journal of Finance 56, 387-396.
    • (2001) Journal of Finance , vol.56 , pp. 387-396
    • Huberman, G.1    Regev, T.2
  • 30
    • 12344320638 scopus 로고    scopus 로고
    • Local does as local is: Information content of the geography of individual investors' common stock investments
    • Ivkovic, Zoran, and Scott Weisbenner, 2005, Local does as local is: Information content of the geography of individual investors' common stock investments, Journal of Finance 60, 267-306.
    • (2005) Journal of Finance , vol.60 , pp. 267-306
    • Ivkovic, Z.1    Weisbenner, S.2
  • 31
    • 23944459531 scopus 로고    scopus 로고
    • On the industry concentration of actively managed equity mutual funds
    • Kacperczyk, Marcin, Clemens Sialm, and Lu Zheng, 2005, On the industry concentration of actively managed equity mutual funds, Journal of Finance 60, 1983-2012.
    • (2005) Journal of Finance , vol.60 , pp. 1983-2012
    • Kacperczyk, M.1    Sialm, C.2    Zheng, L.3
  • 32
    • 79956272161 scopus 로고    scopus 로고
    • Stock market participation and pension reform, Working paper, INSEAD.
    • Karlsson, Anders, Massimo Massa, and Andrei Simonov, 2006, Stock market participation and pension reform, Working paper, INSEAD.
    • (2006)
    • Karlsson, A.1    Massa, M.2    Simonov, A.3
  • 35
    • 0034148029 scopus 로고    scopus 로고
    • Uniformly least powerful tests of market efficiency
    • Loughran, Timothy J., and Jay R. Ritter, 2000, Uniformly least powerful tests of market efficiency. Journal of Financial Economics 55, 361-389.
    • (2000) Journal of Financial Economics , vol.55 , pp. 361-389
    • Loughran, T.J.1    Ritter, J.R.2
  • 36
    • 0009885154 scopus 로고    scopus 로고
    • Improved methods for tests of long-run abnormal stock returns
    • Lyon, John D., Brad M. Barber, and Chih-Ling Tsai, 1999, Improved methods for tests of long-run abnormal stock returns, Journal of Finance, 54, 165-202.
    • (1999) Journal of Finance , vol.54 , pp. 165-202
    • Lyon, J.D.1    Barber, B.M.2    Tsai, C.-L.3
  • 37
    • 79956282682 scopus 로고    scopus 로고
    • Imitation is the sincerest form of flattery: Warren Buffett and Berkshire Hathaway, Working paper, American University-Kogod School of Business.
    • Martin, Gerald S., and John Puthenpurackal, 2008, Imitation is the sincerest form of flattery: Warren Buffett and Berkshire Hathaway, Working paper, American University-Kogod School of Business.
    • (2008)
    • Martin, G.S.1    Puthenpurackal, J.2
  • 38
    • 33645740842 scopus 로고    scopus 로고
    • Hedging, familiarity and portfolio choice
    • Massa, Massimo, and Andrei Simonov, 2006, Hedging, familiarity and portfolio choice, Review of Financial Studies 19, 633-685.
    • (2006) Review of Financial Studies , vol.19 , pp. 633-685
    • Massa, M.1    Simonov, A.2
  • 39
    • 84977707554 scopus 로고
    • A simple model of capital market equilibrium with incomplete information
    • Merton, Robert C., 1987, A simple model of capital market equilibrium with incomplete information, Journal of Finance 42, 483-510.
    • (1987) Journal of Finance , vol.42 , pp. 483-510
    • Merton, R.C.1
  • 40
    • 79956270964 scopus 로고    scopus 로고
    • Tests of long-term abnormal performance: Analysis of power. Working paper, University of California, Paul Merage School of Business.
    • Nekrasov, Alexander, Pervin Shroff, and Raj Singh, 2009, Tests of long-term abnormal performance: Analysis of power. Working paper, University of California, Paul Merage School of Business.
    • (2009)
    • Nekrasov, A.1    Shroff, P.2    Singh, R.3
  • 41
    • 0346907827 scopus 로고    scopus 로고
    • Volume, volatility, price, and profit when all traders are above average
    • Odean, Terrance, 1998, Volume, volatility, price, and profit when all traders are above average, Journal of Finance 53, 1887-1934.
    • (1998) Journal of Finance , vol.53 , pp. 1887-1934
    • Odean, T.1
  • 42
    • 0001242340 scopus 로고    scopus 로고
    • Do investors trade too much
    • Odean, Terrance. 1999. Do investors trade too much American Economic Review 89, 1279-1298.
    • (1999) American Economic Review , vol.89 , pp. 1279-1298
    • Odean, T.1
  • 43
    • 79956277359 scopus 로고    scopus 로고
    • Empirics of the Oslo Stock Exchange. Descriptive analysis, Working Paper, University of Stavanger.
    • Odegaard, Bernt Arne, 2009, Empirics of the Oslo Stock Exchange. Descriptive analysis, Working Paper, University of Stavanger.
    • (2009)
    • Odegaard, B.A.1
  • 44
    • 77957127116 scopus 로고    scopus 로고
    • Individual investors and local bias
    • Seasholes, Mark S., and Ning Zhu, 2010, Individual investors and local bias, Journal of Finance 65, 1987-2010.
    • (2010) Journal of Finance , vol.65 , pp. 1987-2010
    • Seasholes, M.S.1    Zhu, N.2
  • 45
    • 79956260202 scopus 로고    scopus 로고
    • The local bias of individual investors. Working paper, University of California, Davis
    • Zhu, Ning, 2003, The local bias of individual investors. Working paper, University of California, Davis
    • (2003)
    • Zhu, N.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.