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Correlated Trading and Location
Open accessAbstract
This paper analyzes the trading behavior of stock market investors. Purchases and sales are highly correlated when we divide investors geographically. Investors who live near a firm's headquarters react in a similar manner to releases of public information. We are able to make this identification by exploiting a unique feature of individual brokerage accounts in the People's Republic of China. The data allow us to pinpoint an investor's location at the time he or she places a trade. Our results are consistent with a simple, rational expectations model of heterogeneously informed investors.
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Cited by
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Hoechle, D. (2007) · The Stata Journal: Promoting communications on statistics and Stata · doi:10.1177/1536867x0700700301 · Cited by 3,333
Wisdom of Crowds: The Value of Stock Opinions Transmitted Through Social Media
Chen, H., De, P., Hu, Y. (., & Hwang, B.-H. (2014) · Review of Financial Studies · doi:10.1093/rfs/hhu001 · Cited by 1,251
The Behavior of Individual Investors
Barber, B. M., & Odean, T. (2013) · Handbook of the Economics of Finance · doi:10.1016/b978-0-44-459406-8.00022-6 · Cited by 750
Gomes, F., Haliassos, M., & Ramadorai, T. (2021) · Journal of Economic Literature · doi:10.1257/jel.20201461 · Cited by 396
Predictable behavior, profits, and attention
Seasholes, M. S., & Wu, G. (2007) · Journal of Empirical Finance · doi:10.1016/j.jempfin.2007.03.002 · Cited by 384
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Metadata
- Authors
- FENG, L., & SEASHOLES, M. S.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2004-10
- Volume
- 59
- Issue
- 5
- Pages
- 2117-2144
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3125806859
- Cited by
- 337
- References
- 0
- FWCI
- 16.83
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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