不同市场行情下投资者关注频率对交易驱动的非对称性影响

doi:10.16381/j.cnki.issn1003-207x.2020.0105

Abstract

Abstract: How investors’ information acquisition behavior affects their trading decisions is a basic issue in the capital market. Research in the field of behavioral finance holds that attention is a scarce cognitive resource for individuals. Therefore, investors usually selectively pay limited attention to a few assets, which results in the phenomenon of “attention-driven trading”. Although abundant existing literature supports investor attention's driving effect on trading, whether such an effect is asymmetric under different market situations is far from being revealed. To fill this gap, this study examines the asymmetric driving effects of investor attention frequency on market trading at good and bad market times.

Key words: securities service mobile application; investors’ attention frequency; market situations; market trading; hedonic utility

CLC Number:

F832.5

CAI Wen-wu, LU Jing, ZHAO Yu-yang. The Asymmetric Driving Effect of Investors’ Attention Frequency on Trading under Different Market Situations——An Empirical Analysis Based on Data on Users’ Behavior in Securities Service Mobile Applications[J]. Chinese Journal of Management Science, 2023, 31(4): 11-25.

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The Asymmetric Driving Effect of Investors’ Attention Frequency on Trading under Different Market Situations——An Empirical Analysis Based on Data on Users’ Behavior in Securities Service Mobile Applications

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