This study examines the impact of communication on investors’trading frequency based on a unique dataset drawn from a Chinese social trading platform.We find robust evidence that real-account portfolio owners on the ...This study examines the impact of communication on investors’trading frequency based on a unique dataset drawn from a Chinese social trading platform.We find robust evidence that real-account portfolio owners on the platform trade more frequently under the influence of the comments posted by their leaders(the owners of portfolios they have followed).Moreover,portfolio owners are more sensitive to the quantity than to the tone of leaders’comments.Finally,both trading frequency and leaders’comments negatively impact portfolio owners’future performance.Our find-ings support the notion that social interaction promotes active investment strategies.展开更多
First cotton spot trading platform in central China-- Tianmen cotton trading center will be put into trial operation at the end of the year. By then, the cotton industry and cotton farmers in Hubei Province will benef...First cotton spot trading platform in central China-- Tianmen cotton trading center will be put into trial operation at the end of the year. By then, the cotton industry and cotton farmers in Hubei Province will benefit from the reduction of logistics and trading costs.展开更多
基金National Natural Science Foundation of China(Grant No.7167030951).
文摘This study examines the impact of communication on investors’trading frequency based on a unique dataset drawn from a Chinese social trading platform.We find robust evidence that real-account portfolio owners on the platform trade more frequently under the influence of the comments posted by their leaders(the owners of portfolios they have followed).Moreover,portfolio owners are more sensitive to the quantity than to the tone of leaders’comments.Finally,both trading frequency and leaders’comments negatively impact portfolio owners’future performance.Our find-ings support the notion that social interaction promotes active investment strategies.
文摘First cotton spot trading platform in central China-- Tianmen cotton trading center will be put into trial operation at the end of the year. By then, the cotton industry and cotton farmers in Hubei Province will benefit from the reduction of logistics and trading costs.
