To Buy or to Sell: Cultural Differences in Stock Market Decisions Based   on Price Trends

doi:10.1002/bdm.595

CORC > 北京大学 > 心理与认知科学学院

	To Buy or to Sell: Cultural Differences in Stock Market Decisions Based on Price Trends
	Ji, Li-Jun ; Zhang, Zhiyong ; Guo, Tieyuan
刊名	journal of behavioral decision making
	2008
关键词	culture decisions stock prices lay theories of change TRADING VOLUME INVESTORS OVERCONFIDENCE DISPOSITION RETURNS WINNERS LOSERS
DOI	10.1002/bdm.595
英文摘要	Four studies compared the stock market decisions of Canadians and Chinese. In two studies using simple stock market trends, compared with Chinese, Canadians were more willing to sell and less willing to buy falling stock. But when the stock price was rising, the opposite occurred: Canadians were more willing to buy and less willing to sell. A third study showed that for complex stock price trends, Canadians were strongly influenced by the most recent price trends: they tended to predict that recent trends would continue and made selling decisions without considering the rest of the trend patterns; whereas the Chinese made reversal predictions for the dominant trends and made decisions that took both recent and early trends into consideration. Study 4 replicated the finding with experienced individual investors. These findings are consistent with the previous literature on different lay theories of change held by Chinese and North Americans. Copyright (C) 2008 John Wiley & Sons, Ltd.; http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000260095400004&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=8e1609b174ce4e31116a60747a720701 ; Psychology, Applied; SSCI; 14; ARTICLE; 4; 399-413; 21
语种	英语
内容类型	期刊论文
源URL	[http://ir.pku.edu.cn/handle/20.500.11897/405107]
专题	心理与认知科学学院
推荐引用方式 GB/T 7714	Ji, Li-Jun,Zhang, Zhiyong,Guo, Tieyuan. To Buy or to Sell: Cultural Differences in Stock Market Decisions Based on Price Trends[J]. journal of behavioral decision making,2008.
APA	Ji, Li-Jun,Zhang, Zhiyong,&Guo, Tieyuan.(2008).To Buy or to Sell: Cultural Differences in Stock Market Decisions Based on Price Trends.journal of behavioral decision making.
MLA	Ji, Li-Jun,et al."To Buy or to Sell: Cultural Differences in Stock Market Decisions Based on Price Trends".journal of behavioral decision making (2008).