Abstract

http://ssrn.com/abstract=2381435
 


 



Which Investment Behaviors Really Matter for Individual Investors?


Joachim Weber


Goethe University Frankfurt - Department of Finance

Steffen Meyer


Goethe University Frankfurt - Department of Finance

Benjamin Loos


Goethe University Frankfurt - Department of Finance

Andreas Hackethal


Goethe University Frankfurt - Department of Finance

January 19, 2014


Abstract:     
Using a European discount broker data set we simultaneously analyze the performance impact of ten measures of investment behavior proposed in the literature. Only under-diversification and lottery-stock preference are significantly related to returns and also economically large. Eliminating these investment behaviors would improve the average investor's returns relative to other investors in our sample by 4% for under-diversification and 3% for lottery-stock preference.

Number of Pages in PDF File: 97

Keywords: Investment Behavior, Biases, Individual Investors, Portfolio Performance

JEL Classification: D14, G11

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Date posted: January 20, 2014  

Suggested Citation

Weber, Joachim and Meyer, Steffen and Loos, Benjamin and Hackethal, Andreas, Which Investment Behaviors Really Matter for Individual Investors? (January 19, 2014). Available at SSRN: http://ssrn.com/abstract=2381435 or http://dx.doi.org/10.2139/ssrn.2381435

Contact Information

Joachim Weber
Goethe University Frankfurt - Department of Finance ( email )
Grüneburgplatz 1
Frankfurt am Main, 60323
Germany
Steffen Meyer (Contact Author)
Goethe University Frankfurt - Department of Finance ( email )
Grüneburgplatz 1
Frankfurt am Main, DE 60323
Germany
Benjamin Loos
Goethe University Frankfurt - Department of Finance ( email )
Grüneburgplatz 1
Frankfurt am Main, 60323
Germany
Andreas Hackethal
Goethe University Frankfurt - Department of Finance ( email )
House of Finance
Grueneburgplatz 1
Frankfurt am Main, Hessen 60323
Germany
+49 69 79833700 (Phone)
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