Sensation Seeking, Overconfidence, and Trading Activity
利用芬兰的股票交易、税务、驾驶记录和心理档案数据，发现过度自信和感觉寻求倾向强的投资者交易更频繁。
ABSTRACT This study analyzes the role that two psychological attributes—sensation seeking and overconfidence—play in the tendency of investors to trade stocks. Equity trading data from Finland are combined with data from investor tax filings, driving records, and mandatory psychological profiles. We use these data, obtained from a large population, to construct measures of overconfidence and sensation seeking tendencies. Controlling for a host of variables, including wealth, income, age, number of stocks owned, marital status, and occupation, we find that overconfident investors and those investors most prone to sensation seeking trade more frequently.