Do Investors Trade Too much?

摘要

Trading volume on the world's markets seems high, perhaps higher than can be ex- plained by models of rational markets. For ex- ample, the average annual turnover rate on the New York Stock Exchange (NYSE) is currently Greater than 75 percent and the daily trading Volume of foreign-exchange transactions in all Currencies (including forwards, swaps, and spot Transactions) is roughly one-quarter of the total Annual world trade and investment flow (James Dow and Gary Gorton, 1997).