Please use this identifier to cite or link to this item: http://hdl.handle.net/1822/27242

Full metadata record
DC FieldValueLanguage
dc.contributor.authorLeal, Cristiana Maria da Silva Cerqueira-
dc.contributor.authorArmada, Manuel José da Rocha-
dc.contributor.authorLoureiro, Gilberto-
dc.date.accessioned2013-12-19T16:08:57Z-
dc.date.available2013-12-19T16:08:57Z-
dc.date.issued2013-
dc.identifier.urihttp://hdl.handle.net/1822/27242-
dc.description.abstractIn this paper we study the repurchasing behavior of individual investors and identify several characteristics (stock- and investor-specific) that affect the preference for repurchasing stocks previously owned. Using a unique database of 5,128 individual investors trading from August 1st, 2003 to July 31st, 2007, we find that investors prefer to repurchase stocks that are prior winners and those that dropped in price after being sold, in line with Strahilevitz, Odean and Barber (2011). We also find that the larger the prior gain, or the drop in stock price after the sell, the more likely is the investor to repurchase the same stock. Additionally, we find that (1) local stocks with negative market adjusted performance are more likely to be repurchased, and (2) less active, under-diversified, and poor performance investors are more likely to engage in such behavior. Overall, our results indicate that reference prices, prior stock returns, stock visibility, and investor performance and sophistication are determinants of the repurchasing behavior.por
dc.description.sponsorshipCOMPETE, QREN, FEDER, Fundação para a Ciência e a Tecnologia (FCT)por
dc.language.isoengpor
dc.publisherUniversidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE)por
dc.rightsopenAccesspor
dc.subjectRegretpor
dc.subjectCounterfactualspor
dc.subjectPortfolio choicepor
dc.subjectIndividual investorspor
dc.titleIndividual investors repurchasing behavior : preference for stocks previously ownedpor
dc.typeworkingPaperpor
dc.peerreviewednopor
dc.relation.publisherversionhttp://www.nipe.eeg.uminho.pt/Uploads/NIPE_WP_22_2013.pdfpor
sdum.publicationstatuspublishedpor
oaire.citationConferencePlaceBraga, Portugalpor
oaire.citationTitleNIPE working papers seriespor
oaire.citationVolume22por
Appears in Collections:NIPE - Documentos de Trabalho

Files in This Item:
File Description SizeFormat 
NIPE_WP_22_2013.pdfIndividual Investors Repurchasing Behavior: Preference for Stocks Previously Owned 538,45 kBAdobe PDFView/Open

Partilhe no FacebookPartilhe no TwitterPartilhe no DeliciousPartilhe no LinkedInPartilhe no DiggAdicionar ao Google BookmarksPartilhe no MySpacePartilhe no Orkut
Exporte no formato BibTex mendeley Exporte no formato Endnote Adicione ao seu ORCID