Essays on Retail Investor Behavior in Financial Markets- [electronic resource]
Essays on Retail Investor Behavior in Financial Markets- [electronic resource]
- 자료유형
- 학위논문파일 국외
- 최종처리일시
- 20240214100348
- ISBN
- 9798379604646
- DDC
- 658
- 저자명
- Liang, Shushu.
- 서명/저자
- Essays on Retail Investor Behavior in Financial Markets - [electronic resource]
- 발행사항
- [S.l.]: : Harvard University., 2023
- 발행사항
- Ann Arbor : : ProQuest Dissertations & Theses,, 2023
- 형태사항
- 1 online resource(178 p.)
- 주기사항
- Source: Dissertations Abstracts International, Volume: 84-12, Section: A.
- 주기사항
- Advisor: Campbell, John.
- 학위논문주기
- Thesis (Ph.D.)--Harvard University, 2023.
- 사용제한주기
- This item must not be sold to any third party vendors.
- 초록/해제
- 요약This dissertation examines the trading behavior of retail investors using large datasets and both causal inference and structural estimation methods. The study has two main objectives: to understand the heterogeneity across different investors and to quantify the price impacts of various trading behaviors. Chapter 1 uses data on account-level stock holdings to quantify the importance of different mechanisms contributing to stock booms and busts during the 2015 Chinese stock market bubble. By estimating a structural model of heterogenous investor demand, I find that retail investors account for 78% of the variance in cross-sectional stock returns, but the contribution of different channels varies as the bubble evolves. Chapter 2 studies retail investors' return-chasing behavior leveraging the same data on 18 million individual equity accounts. I find that return chasing predicts both investor returns and stock returns more strongly than various other investor characteristics. Chapter 3 documents the decline in the average profitability of IPOs in the United States between 2010 and 2022. This work provides valuable insights into the drivers of stock price fluctuations and highlights the importance of understanding investor heterogeneity.
- 일반주제명
- Finance.
- 키워드
- Retail investor
- 키워드
- Trading behavior
- 키워드
- Stock market
- 키워드
- Heterogeneity
- 기타저자
- Harvard University Economics
- 기본자료저록
- Dissertations Abstracts International. 84-12A.
- 기본자료저록
- Dissertation Abstract International
- 전자적 위치 및 접속
- 로그인 후 원문을 볼 수 있습니다.