The investment behavior and performance of various investor types: a study of Finland's unique data set

By Mark Grinblatt, Matti Keloharju. 2000

1,485 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/c6a616ad1e8755653107785cefe8e9377fc517eb

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Citations in the corpus

Belief Disagreement and Portfolio Choice (2018, positive): “…seem to incorrectly update in response to idiosyncratic or private information, typically by over-weighting information from their own past experiences or friends (Grinblatt and Keloharju, 2000; Vissing-Jørgensen, 2003; Malmendier and Nagel, 2011; Cookson and Niessner, 2020; Bailey et al., 2018).”
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 each position on each day that an account sells any security as an observation.”
Correlated Trading and Returns (2008, result): “…first glance, the results in the previous section appear to be at odds with the contrarian behavior reported for retail investors in Finnish stocks (Grinblatt and Keloharju (2000)), US stocks (Nofsinger and Sias (1999), Griffin, Harris, and Topaloglu (2003), Barber, Odean, and Zhu (2003), Kaniel,…”
The liability of foreignness in capital markets: Sources and remedies (2011, positive): “In one of the first studies examining the importance of culture and investment behavior, Grinblatt and Keloharju (2000) found that investors are more likely to hold, buy, and sell the stocks of firms that are located close to the investor, that communicate in the investor’s native tongue, and have…”
Do domestic and foreign fund managers have similar preferences for stock characteristics? A cross-country analysis (2006, positive): “Note that Grinblatt and Keloharju [2000] and Seasholes [2000] argue that foreign investors are more sophisticated and have the international expertise to better evaluate the underlying value of domestic stocks when compared to their domestic counterparts.”
Global Private Information in International Equity Markets (2009, positive): “Evidence that foreign investors can outperform domestic investors outside the US is presented in Grinblatt and Keloharju (2000), Karolyi (2002), Hamao and Mei (2001), Seasholes (2000), Bailey, Mao, and Sirodom (2007), and Froot and Ramadorai (2008).”
Social Interaction and Stock-Market Participation (2004, positive): “…stocks (French and Poterba (1991), Cooper and Kaplanis (1994), Tesar and Werner (1995), Kang and Stulz (1997)), but also towards the stocks of firms that are headquartered nearby, or that are otherwise more familiar (Huberman (1998), Coval and Moskowitz (1999), Grinblatt and Keloharju (2000)).”
An Epidemic Model of Investor Behavior (2009, background): “A thorough description of an earlier and shorter version of this dataset can be found in Grinblatt and Keloharju (2000).”
The Flight Home Effect: Evidence from the Syndicated Loan Market During Financial Crises (2012, background): “…2005; Kang and Stulz, 1997; Van Nieuwerburgh and Veldkamp, 2009; Andrade and Chhaochharia, 2010) and biases arising from familiarity considerations (Grinblatt and Keloharju, 2000; Huberman, 2001; Seasholes and Zhu, 2010).2 The observed increase in the home bias may come from a change in any of…”
Do Investors Trade More When Stocks Have Performed Well? Evidence from 46 Countries (2007, positive): “Lakonishok and Smidt (1986), Odean (1998a), and Grinblatt and Keloharju (2000) all find evidence in support of the disposition effect.”
Individual Investor Trading and Stock Returns (2008, background): “Similarly, Grinblatt and Keloharju (2000) report poor performance of individual investors at the six-month horizon in Finland. San (2005), who infers individual trading from signed total volume by subtracting institutional changes in 13-F filings, finds the opposite result: excess return is positive”
Are Retail Traders Compensated for Providing Liquidity (2016, positive): “…stock level seem at odds with the results commonly found in the literature that individual investors lose money on average (Odean, 1998; Barber and Odean, 2000; Barber, Lee, Lin, and Odean, 2006; Grinblatt and Keloharju, 2000), either because they trade too much or because they pick losing stocks.”
Price-Based Return Comovement (2009, background): “For example, Grinblatt and Keloharju (2000, 2001) find evidence that small investors are more subject to cultural and language biases as well as to the disposition effect (detrimental tendency to sell winners and hold losers).”