文章基本信息

标题：The biased factors of investor’s behavior in stock exchange trading
本地全文：下载
作者：Tri Kartika Pertiwi ; Yuniningsih Yuniningsih ; Muhadjir Anwar 等
期刊名称：Management Science Letters
印刷版ISSN：1923-9335
电子版ISSN：1923-9343
出版年度：2019
卷号：9
期号：6
页码：835-842
DOI：10.5267/j.msl.2019.3.005
出版社：Growing Science
摘要：The stock exchange in Indonesia acts as a means of financial resources of business and investment for the community. Any investor needs some profit from his/her investment. However, in determining a policy for decision making, many investors do not always think, rationally. Moreover, stock trading in the stock exchange/money market faces with high uncertainty, which may create some irrational acts and leads to irrational investment decisions. This study aims to test the biased investor’s behavior, such as overconfidence, disposition effect, and risk tolerance on investor’s trading activities in the Indonesian Stock Exchange. To analyze the qualitative response variable in this research, the researchers considered more than two categories. Therefore, the analysis required was Multi-nominal Logistic Regression Model. Meanwhile, some investors appointed to be the subject in this research were the customers of some Securities. The survey distributed 170 questionnaires and collected 141 properly filled ones used in this research. The testing result employing simultaneous multi-nominal logistic regression show that the overall model used was quite significant. The testing conducted partially also shows that only overconfident investors were affected by trading activities. Meanwhile, the opportunity of the overconfident investor to do trading was considered to be moderate as much as 0.177 multiplied from the “infrequent” category.
关键词：Overconfidence;Disposition Effect;Risk Tolerance;Trading Activity