Investor attention and the use of leverage
研究了零售投资者使用不同杠杆工具（保证金交易和内含杠杆证券）对投资组合绩效的影响，发现杠杆使用会降低绩效，但投资者关注度越高，这种负面效应越小。
Abstract We investigate the effects of using different sources of investment leverage, that is, securities with embedded leverage and traditional margin accounts, on the portfolio performance of retail investors, recognizing that these effects may be conditional on investor attention. We find that investors who trade on margin underperform those who do not have margin accounts; we also find that investors trading securities with embedded leverage show even poorer performance than investors trading on margin. The negative effect of leverage usage, however, decreases with greater investor attention, measured by portfolio monitoring frequency. Results suggest that more attentive investors gain more from using investment leverage.