Stakes and Investor Behaviors
主讲人：
王宝链（佛罗里达大学Bank of America金融学讲席副教授）
主持老师：
高明（北京大学经济学院长聘副教授）
王熙（北京大学经济学院助理教授）
时间：
2023年5月19日（周五）
10:00-11:30
地点：
北京大学经济学院107会议室（线上）
主讲人简介：
Professor Baolian Wang (王宝链) is currently the Bank of America Associate Professor of Finance at the University of Florida. His research areas are empirical asset pricing, behavioral finance, investor behavior, FinTech, and the Chinese economy. His research has been published in leading academic journals, including Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Management Science, Review of Finance, Critical Finance Review, and Strategic Management Journal. Prior to joining UF, he was an assistant professor at Fordham University from 2014 to 2018. Professor Wang received his bachelor's and master's degrees from the School of Economics and Management at Tsinghua University before receiving his Ph.D. from the Hong Kong University of Science and Technology.
摘要：
We examine how stakes affect investor behaviors. In our unique setting, the same investors trade stocks in their real accounts using their own money and, at the same time, trade in a simulated setting. Our real-world within-investor estimation produces strong evidence that investors exhibit stronger biases and perform worse in their higher-stakes real accounts than in their lower-stakes simulated accounts. Even with no monetary stakes, investors exhibit strong biases in their simulated accounts, and biases in the two types of accounts are strongly positively correlated. Such behavioral consistency suggests that low-stakes experimental methods, although imperfect, can be informative about real-world human behaviors. Using account data from two brokerage companies, we find that investors exhibit a stronger disposition effect on positions with greater portfolio weight. Hence, the finding that stakes-strengthening-biases may not be unique to the comparison between no-monetary and high-monetary stakes.
