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| Tekijä: | Grinblatt, M. Keloharju, M. |
| Otsikko: | The investment behavior and performance of various investor types: a study of Finland's unique data set |
| Lehti: | Journal of Financial Economics
2000 : JAN, VOL. 55:1, p. 43-67 |
| Asiasana: | International Stock returns Investors Finland Scandinavia Europe |
| Vapaa asiasana: | Performance Momentum Nordic countries |
| Kieli: | eng |
| Tiivistelmä: | Using data from Finland, in this study the extent to which past returns determine the propensity to buy and sell is analyzed. In addition, it is analyzed whether these differences in past-return-based behaviour and differences in investor sophistication drive the performance of various investor types. It is found that foreign investors tend to be momentum investors, buying past winning stocks and selling past losers. Domestic investors, particularly households, tend to be contrarians. The distinctions in behaviour are consistent across a variety of past-return intervals. The portfolios of foreign investors seem to outperform the portfolios of households, even after controlling for behaviour differences. |
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