Boys will be Boys: Gender, Overconfidence, and Common Stock Investment

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ID: 289493
2001
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Abstract
Theoretical models predict that overconfident investors trade excessively. We test this prediction by partitioning investors on gender. Psychological research demonstrates that, in areas such as finance, men are more overconfident than women. Thus, theory predicts that men will trade more excessively than women. Using account data for over 35,000 households from a large discount brokerage, we analyze the common stock investments of men and women from February 1991 through January 1997. We document that men trade 45 percent more than women. Trading reduces men's net returns by 2.65 percentage points a year as opposed to 1.72 percentage points for women.
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openalex_W3126080930 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Brad M. Barber, Terry Odean
Journal the quarterly journal of economics
Year 2001
DOI
10.1162/003355301556400
URL
Keywords Keywords not found

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