Titre
Buyers Versus Sellers: Who Initiates Trades And When?
Type
article
Institution
UNIL/CHUV/Unisanté + institutions partenaires
Auteur(s)
Chordia, T.
Auteure/Auteur
Goyal, A.
Auteure/Auteur
Jegadeesh, N.
Auteure/Auteur
Liens vers les personnes
Liens vers les unités
ISSN
0022-1090
Statut éditorial
Publié
Date de publication
2016-10
Volume
51
Numéro
5
Première page
1467
Dernière page/numéro d’article
1490
Peer-reviewed
Oui
Langue
anglais
Résumé
Models that examine investors' motivations to trade often make opposite predictions about the relation between trading decisions and past returns. We find that, in the aggregate, both buyer-and seller-initiated trades increase with past returns. The difference between buyer-and seller-initiated trades is negatively related to short horizon returns but positively related to returns over longer horizons. Tax-loss-related seller-initiated trades in December and January are accompanied by increased buyer-initiated trades. Past returns significantly affect trading decisions, and these findings are consistent with a number of different models of trading behavior.
PID Serval
serval:BIB_8F4541D5BBA7
Date de création
2016-05-08T11:46:28.581Z
Date de création dans IRIS
2025-05-21T00:04:39Z