...
首页> 外文期刊>Journal of Financial and Quantitative Analysis >Portfolio Concentration and the Performance of Individual Investors
【24h】

Portfolio Concentration and the Performance of Individual Investors

机译:投资组合集中与个人投资者的表现

获取原文
获取原文并翻译 | 示例

摘要

This paper tests whether information advantages help explain why some individual investors concentrate their stock portfolios in a few stocks. Stock investments made by households that choose to concentrate their brokerage accounts in a few stocks outperform those made by households with more diversified accounts (especially among those with large portfolios). Excess returns of concentrated relative to diversified portfolios are stronger for stocks not included in the S&P 500 index and local stocks, potentially reflecting concentrated investors' successful exploitation of information asymmetries. Controlling for households' average investment abilities, their trades and holdings perform better when their portfolios include fewer stocks.
机译:本文测试了信息优势是否有助于解释为什么一些个人投资者将他们的股票投资集中在少数股票上。选择将经纪账户集中在少数股票中的家庭进行的股票投资要优于那些账户种类更为多样化的家庭(尤其是那些拥有大量投资组合的家庭)进行的股票投资。标普500指数以外的股票和本地股票的集中投资相对于分散投资组合的超额收益更高,这可能反映出集中投资者成功利用了信息不对称。控制家庭的平均投资能力时,如果其投资组合中的股票数量较少,他们的交易和持股就会表现得更好。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱:kefu@zhangqiaokeyan.com

京公网安备:11010802029741号 ICP备案号:京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有
  • 客服微信

  • 服务号