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What Makes Investors Trade?

Mark Grinblatt and Matti Keloharju
The Journal of Finance
Vol. 56, No. 2 (Apr., 2001), pp. 589-616
Published by: Wiley for the American Finance Association
Stable URL: http://www.jstor.org/stable/222575
Page Count: 28
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
What Makes Investors Trade?
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Abstract

A unique data set allows us to monitor the buys, sells, and holds of individuals and institutions in the Finnish stock market on a daily basis. With this data set, we employ Logit regressions to identify the determinants of buying and selling activity over a two-year period. We find evidence that investors are reluctant to realize losses, that they engage in tax-loss selling activity, and that past returns and historical price patterns, such as being at a monthly high or low, affect trading. There also is modest evidence that life-cycle trading plays a role in the pattern of buys and sells.

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