Financial Management (Wiley-Blackwell). Spring2014, Vol. 43 Issue 1, p113-148. 36p.

作者：Wen-I Chuang (College of Management, National Taiwan University), Bong-Soo Lee (College of Business, Florida State University), Kai-Li Wang (College of Management, Tunghai University)

摘要：我们发现继美国和国内市场获得收益之后，亚洲的个人和机构投资者都增加了他们的交易，这一效应在牛市，在投资者情绪相对有利的时期，在极高的市场回报时期和卖空限制的市场中更为显著。我们还发现在获取市场收益时个人投资者比机构投资者交易得更多。另外，1998年亚洲金融危机后亚洲股票市场和美国股票市场的融合是亚洲投资者对美国市场收益做出反应的一个重要原因。

US and Domestic Market Gains and Asian Investors' Overconfident Trading Behavior.

Wen-I Chuang (College of Management, National Taiwan University), Bong-Soo Lee (College of Business, Florida State University), Kai-Li Wang (College of Management, Tunghai University)

ABSTRACT

We find that subsequent to both US and domestic market gains, both Asian individual and insti-tutional investors increase their trading and that this effect is more pronounced in bull markets, in periods of relatively favorable investor sentiment, in periods of extremely high market returns, and in markets with short-sale constraints. We also find that individual investors trade more in response to market gains than institutional investors. Moreover, we find that further integration of Asian stock markets with US stock markets after the Asian financial crisis in 1998 is an important reason for Asian investors ' response to US market gains.

原文链接：

http://web.b.ebscohost.com/ehost/pdfviewer/pdfviewer?vid=1&sid=395ecc40-88ac-42b7-9e42-9c97366025dc%40sessionmgr103

翻译：孙雨琦