摘要
在股票市场中,具有低价格、高换手率以及高历史极端正收益等特征的股票符合博彩活动的特点,投机性较强,被称为博彩型股票。一些投资者更倾向于持有此类股票,表现出较强的博彩性投资偏好。该文使用个人投资者的股票交易数据,对投资者的博彩性股票交易行为进行研究,结果发现:1)个人投资者存在明显的博彩性投资偏好,其投资组合中博彩型股票的比重(14%)显著高于市场平均水平(9%);2)从投资者个人特征看,具有年轻、男性、投资经验少、换手率高以及处于西部地区等特征的个人投资者更偏好博彩型股票;3)在牛市期间,个人投资者的投机性更强。
Some stocks in the stock market share the common characteristics of low prices,high turnover rates,and high historical highest daily returns. These all imply strong speculative investments,so these stocks are referred to as lottery-type stocks.Some investors are very speculative and prefer to invest in lottery-type stocks.Analyses of an individual investor trading data set show that： 1） Individual investors significantly over-weight lottery-type stocks in their investment portfolios with 14%lottery-type stocks compared to the average market portfolio of 9%.2）Young,male,less experienced investors using high turnover rates and investors from western China prefer lottery-type stocks.3）During bull markets,investors have stronger speculative tendencies.
出处
《清华大学学报（自然科学版）》
EI
CAS
CSCD
北大核心
2016年第6期677-684,共8页
Journal of Tsinghua University(Science and Technology)
基金
国家自然科学基金重点项目(71232003)
国家自然科学基金面上项目(71271214
71573147)
高等学校博士学科点专项科研基金(20120002110085)
中国博士后科学基金资助项目(2015M570066)
