Journalartikel
Autorenliste: Czaja, Daniel; Roeder, Florian
Jahr der Veröffentlichung: 2020
Seiten: 186-198
Zeitschrift: The Quarterly Review of Economics and Finance
Bandnummer: 78
ISSN: 1062-9769
eISSN: 1878-4259
DOI Link: https://doi.org/10.1016/j.qref.2020.02.003
Verlag: Elsevier
Abstract:
We investigate consequences of the self-attribution bias for nonprofessional traders. By applying a textual analysis of more than 44,000 public comments on a large social trading platform, we contribute to empirical literature on investment and trading behavior in three ways: First, we show that one component of the self-attribution bias, the self-enhancement bias, leads to subsequent underperformance. Second, results support the theory that traders become overconfident due to biased self-enhancement. Third, we find that traders' social trading portfolios attract higher investment flows from investors when showing self-enhancement biased behavior. (C) 2020 Board of Trustees of the University of Illinois. Published by Elsevier Inc. All rights reserved.
Zitierstile
Harvard-Zitierstil: Czaja, D. and Roeder, F. (2020) Self-attribution bias and overconfidence among nonprofessional traders, The Quarterly Review of Economics and Finance, 78, pp. 186-198. https://doi.org/10.1016/j.qref.2020.02.003
APA-Zitierstil: Czaja, D., & Roeder, F. (2020). Self-attribution bias and overconfidence among nonprofessional traders. The Quarterly Review of Economics and Finance. 78, 186-198. https://doi.org/10.1016/j.qref.2020.02.003
