What Makes Investors Trade?
利用芬兰股票市场独特数据集，通过Logit回归分析个人和机构投资者每日买卖决策，发现投资者不愿实现损失、进行税收损失出售，且历史价格模式影响交易。
ABSTRACT A unique data set allows us to monitor the buys, sells, and holds of individuals and institutions in the Finnish stock market on a daily basis. With this data set, we employ Logit regressions to identify the determinants of buying and selling activity over a two‐year period. We find evidence that investors are reluctant to realize losses, that they engage in tax‐loss selling activity, and that past returns and historical price patterns, such as being at a monthly high or low, affect trading. There also is modest evidence that life‐cycle trading plays a role in the pattern of buys and sells.