US and Domestic Market Gains and Asian Investors’ Overconfident Trading Behavior
研究发现，在美国和国内市场收益后，亚洲个人和机构投资者都会增加交易，且这种效应在牛市、投资者情绪较好、市场收益极高以及存在卖空限制的市场中更为显著。个人投资者比机构投资者对市场收益的反应更强烈。1998年亚洲金融危机后，亚洲股市与美国股市的进一步整合是亚洲投资者对美国市场收益做出反应的重要原因。
We find that subsequent to both US and domestic market gains, both Asian individual and institutional 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.