公司透明度和处置效应
1School of Business, East China University of Science and Technology, Shanghai, China.
Frontiers in psychology
|November 3, 2025
概括
企业透明度的提高减少了处置效应,即投资者过早出售赢家,并长期持有输家. 更大的透明度鼓励投资者长期持有股票,降低整体交易并减轻这种非理性的金融行为.
科学领域:
- 行为金融是行为金融.
- 公司治理 公司治理
- 投资管理 投资管理
背景情况:
- 倾向效应是一种记录在案的认知偏见在投资决策.
- 个人投资者经常表现出这种非理性行为,影响投资组合业绩.
- 公司层面的特征,如透明度,在缓解这种偏见方面的作用尚未完全理解.
研究的目的:
- 调查企业透明度对个人投资者处置效应的影响.
- 确定更高的公司级透明度是否会改变与利和亏损股票头寸相关的投资者交易行为.
主要方法:
- 对个人投资者交易数据的实证分析与企业透明度指标相关联.
- 统计建模,以评估透明度水平与出售获胜或亏损股票的倾向之间的关系.
主要成果:
- 在公司透明度和处置效应之间发现了显著的负相关性.
- 提高透明度导致个人投资者持有股票的时间更长,从而减少交易频率.
- 在利的股票头寸中,销售概率的降低更为明显.
结论:
- 企业透明度是抑制个人投资者的处置效应的关键因素.
- 提高透明度可以导致更合理的投资行为,并可能改善投资者结果.
- 调查结果表明,投资者对公司透明度的看法影响了他们的风险和销售决策.
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