w**a
发帖数: 1522 | 1 不该去论坛讨论股票，不讨论的时候操作的好好的，一在论坛讨论去失去理性，亏飞，
退市。。。
Using data from a new field experiment in South Korea, we study how
information from virtual communities such as stock message boards influences
investors’ trading decisions and investment performance. Motivated by
recent studies in psychology, we conjecture that investors would use message
boards to seek information that confirms their prior beliefs. This
confirmation bias would make them more overconfident and adversely affect
their investment performance. An analysis of 502 investor responses from the
largest message board operator in South Korea supports our conjecture. We
find that investors exhibit confirmation bias when they process information
from message boards. We also demonstrate that investors with stronger
confirmation bias exhibit greater overconfidence. Those investors have
higher expectations about their performance, trade more frequently, but
obtain lower realized returns. Collectively, these results suggest that
participation in virtual communities increases investors’ propensity to
commit investment mistakes and is likely to be detrimental to their
investment performance. | d*****g
发帖数: 978 | 2 把股板看作世界的一个缩影， 也是很好玩的一件事， 什么样的人都有，自以为是大牛
的，都是猎物。最后吃大头的，往往是背后那些不说话的猎手。 |
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