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Why Investors Do not Buy Cheaper Securities? An Analysis of Trading by Individual Investors in Chinese Stock Market

机译：为什么投资者不购买便宜的证券？中国股票市场个人投资者交易分析

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Based on detailed trade records of individual investors who participated in both China’s A- and B- share markets, we find investors are more likely to buy A (B) shares when the A-share premium is lower (higher), when they have already held the same firm’s A (B) shares, when they have previously traded the same firm’s A (B) shares and when their A-share portfolio outperforms B-share portfolio. Given that the correlation between the same firm’s A and B shares is below 70% and that A shares are more expensive, it is sensible for investors to invest more into the B shares. Our evidence suggests that investors accept a less than optimal portfolio due to lack of investment experience.

机译：根据参与中国A股和B股市场的个人投资者的详细交易记录，我们发现，当A股溢价较低（较高）时，投资者已经购买A（B）股的可能性更大。当他们先前交易过同一公司的A（B）股并且其A股投资组合的表现优于B股投资组合时，他们持有该公司的A（B）股。鉴于同一家公司的A股和B股之间的相关性低于70％，并且A股价格更高，因此明智的做法是让投资者向B股投资更多。我们的证据表明，由于缺乏投资经验，投资者接受的投资组合并不理想。

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来源
《2009 China international conference in finance》|2009年|p.1-36|共36页
会议地点 Guangzhou(CN);Guangzhou(CN)
作者
Kalok Chan; Baolian Wang; Zhishu Yang;
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作者单位

Department of Finance Hong Kong University of Science and Technology Clear Water Bay, Hong Kong;

School of Economics and Management, Tsinghua University Beijing, 100084, China;

School of Economics and Management, Tsinghua University Beijing, 100084, China;

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会议组织
原文格式 PDF
正文语种 eng
中图分类财政、金融;
关键词
A/B share prices; under-diversification; familiarity; narrow framing;

机译：A / B股价；分散化；熟悉；狭窄的框架;

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3. Are individual investors less informed than institutional investors? Unique evidence from investor trading behaviours around bad mergers in Korean financial market [J] . Areum Han, Chune Young Chung Applied financial letters . 2013,第10a12期

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4. Why Investors Do not Buy Cheaper Securities? An Analysis of Trading by Individual Investors in Chinese Stock Market [C] . Kalok Chan, Baolian Wang, Zhishu Yang China international conference in finance . 2009

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5. Individual stock investor sentiment, stock issuance, and financial market anomalies. [D] . Lee, Edmund Pak Kuen. 2013

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6. A dynamic analysis of the relationship between investor sentiment and stock market realized volatility: Evidence from China [O] . Yanhui Chen, Hanhui Zhao, Ziyu Li, 2020

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Why Investors Do not Buy Cheaper Securities? An Analysis of Trading by Individual Investors in Chinese Stock Market

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