摘要
社会互动可以给投资者提供更多的信息,同时通过同群效应影响投资者的投资决策。本研究基于社交投资平台雪球网中投资者的在线社交及模拟交易数据,构建了社交中心性、社交发布内容、社交参与度和社交关注四个社会互动维度,分析了不同维度社会互动对投资者处置效应的影响。研究结果表明,社会互动会显著降低投资者的处置效应。更高的社交参与度,尤其是在交易时间内的社会互动,可以通过提高投资者卖出亏损股票的比例来降低处置效应。本研究同时给出了社会互动对处置效应影响的细分维度和影响渠道,拓展了已有社会互动与处置效应方面的学术研究。研究结论有助于政府从社会互动角度开展投资者教育,引导投资者进行良性互动,保护投资者权益,促进资本市场健康发展。
Social interactions can provide investors with more information and influence their investment decisions through peer effect.Using social and trading data of Snowball,a representative social trading platform in China,this paper constructs four dimensions of social interactions,including social centrality,social release content,social engagement,and social attention.Then the impact of social interaction in different dimensions on the disposition effect of investors is explored.The results show that social interaction can significantly reduce the disposition effect of investors.More social interaction,especially during trading hours,reduces the disposition effect by increasing the proportion of losses realized.This paper gives the influencing dimensions and channels of the impact of social interaction on disposition effect,expanding the existing research on social interaction and disposition effect.Our findings are helpful for the government to carry out investor education from the perspective of social interaction.Promoting positive interactions among investors will be conducive not only to protecting the rights and interests of investors,but also to developing a better capital market.
作者
孙毅
程晴
金全
郭琨
Sun Yi;Cheng Qing;Jin Quan;Guo Kun(School of Economics and Management,University of Chinese Academy of Sciences,Beijing 100190;Key Laboratory of Big Data Mining and Knowledge Management,Chinese Academy of Sciences,Beijing 100190)
出处
《管理评论》
CSSCI
北大核心
2020年第10期72-82,共11页
Management Review
基金
国家自然科学基金面上项目(71673265)
中央高校基本科研业务费专项资金项目(Y95402P)。
关键词
社会互动
处置效应
模拟交易
社交投资平台
social interaction
disposition effect
simulated trading
social trading platform
