ABSTRACT

We explore a unique dataset on individual investors’ online trading accounts to examine the determinants of their attention and its relation to portfolio performance. In particular, we investigate what individual characteristics affect investor attention and what type of information drives investment performance. We find distinct differences in investors’ attention and provide evidence that paying attention has a differential impact on performance depending on the type of information. Portfolio monitoring and attention to financial education are positively related to performance, while attention to analytical information is detrimental to performance. Attention to technical analysis is negatively related to the performance of actively trading investors but improves the performance of less frequent traders. Overall, our results provide additional evidence to the suggestion that attention to financial education is the key to investment success.

摘要

我们探索了一个关于个人投资者在线交易账户的独特数据集，以检查他们注意力的决定因素及其与投资组合表现的关系。特别是，我们调查了哪些个人特征会影响投资者的注意力，以及哪些类型的信息会推动投资业绩。我们发现投资者关注的明显差异，并提供证据表明关注对业绩的影响取决于信息类型。投资组合监控和对金融教育的关注与绩效呈正相关，而对分析信息的关注不利于绩效。对技术分析的关注与积极交易的投资者的表现呈负相关，但会提高交易频率较低的交易者的表现。全面的，