Relationship between Excessive Stock Price Fluctuations and Investors’ Attention—Based on Over-attention Underperformance

DOI

10.2991/icecsd-19.2019.51How to use a DOI?

Keywords

Behavioral finance; Investor attention; Multiple linear regression

Abstract

China A-share market is a stock market without shorting mechanism where the individual investors play an important role. The study attempts to find out the relationship between the attention of individual investors and the excessive fluctuation of the share price in Chinese stock market. Also, the research objective is to identify the existence of Over-attention Underperformance in Chinese stock market. The research is based on Multiple Linear Regression with the samples comprising behavioral data from Xueqiu.com, the biggest online stock forum in China. The research result confirms the existence of Over-attention Underperformance. Besides, the result shows that it’s individual investors, rather than institutional investors, that dominate the Over-attention Underperformance in stock markets. The innovation of this paper is distinguishing individual investors from institutional investors in analysis.

Copyright

© 2019, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

Download article (PDF)

TY  - CONF
AU  - Meng Yu-fan
PY  - 2019/08
DA  - 2019/08
TI  - Relationship between Excessive Stock Price Fluctuations and Investors’ Attention—Based on Over-attention Underperformance
BT  - Proceedings of the 2019 3rd International Conference on Education, Culture and Social Development (ICECSD 2019)
PB  - Atlantis Press
SP  - 402
EP  - 409
SN  - 2352-5398
UR  - https://doi.org/10.2991/icecsd-19.2019.51
DO  - 10.2991/icecsd-19.2019.51
ID  - Yu-fan2019/08
ER  -