What Makes Investors Trade

By Mark Grinblatt, Matti Keloharju. 2001

1,267 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/3519e906dd537d577e18d1d1908354bb303b6455

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Citations in the corpus

What Matters to Individual Investors? Evidence from the Horse's Mouth (2018, neutral): “…momentum—consistent with the empirical fact that individuals are net sellers of stocks with high returns over the past quarter and net buyers of stocks with more distant high past returns (Grinblatt and Keloharju (2000, 2001), Griffin et al. (2003), Kaniel et al. (2008), Barber et al. (2009)).”
The effects of behavioural factors in investment decision-making: a survey of institutional investors operating at the Nairobi Stock Exchange (2008, background): “How do investors choose the stocks they buy? Are their choices so randomly idiosyncratic that, in aggregate, they cancel each other out and thus have no influence on stock prices? Or do the purchase patterns of investors, even those with heterogeneous beliefs, aggregate in a way that may move price?”
Professional trader discipline and trade disposition (2005, background): “They also find significant differences in trading styles between Finnish retail investors and foreign institutions, as does Grinblatt and Keloharju (2001), suggesting that professionals could differ from retail customers.”
Behavioural Finance: A Review and Synthesis (2007, neutral): “In a comprehensive study of trading activity using a Finnish data set, Grinblatt and Keloharju (2001) confirm a disposition effect.”
Online Investors: Do the Slow Die First? (2002, methodology): “Second, we calculate an own-benchmark abnormal return for online investors, which is similar in spirit to that proposed by Grinblatt and Titman (1993) and Lakonishok, Shleifer, and Vishny (1992).”
Executive Overconfidence and the Slippery Slope to Financial Misreporting (2012, positive): “Hackbarth (2008) generates the same prediction if overconfidence causes an optimistic assessment of investment payoffs but a reverse pecking order preference if overconfidence causes an optimistic assessment of the firm’s cost of capital to fund investment.”
Prospect Theory and the Disposition Effect (2008, methodology): “It is similar to the one used in Grinblatt and Keloharju (2001), except that it covers a longer time period.”
Investor attention, psychological anchors, and stock return predictability (2012, background): “In addition to George and Hwang (2004), other notable papers which study the effect of anchoring include Odean (1998) and Grinblatt and Keloharju (2001) on individual trading, Ljungqvist and Wilhelm (2005) on IPO underpricing, Hart and Moore (2008) on contracting, and Baker, Pan, and Wurgler (2009)…”
Learning By Trading (2010, neutral): “Grinblatt and Keloharju (2001) model the decision to sell or hold each stock in an investor’s portfolio by estimating a logit model that includes one observation for each position on each day that an account sells any security.”