研究 | 隋鹏飞：筹码效应与投资者行为：投资者行为偏差揭秘

Core Insights - The research conducted by Professor Sui Pengfei from CUHK (Shenzhen) and Professor Wang Baolian from the University of Florida has been accepted by the Journal of Financial Economics, providing significant insights into the impact of stake effects on investor behavior [1][3] - The study challenges traditional views by demonstrating that investors exhibit more pronounced behavioral biases in high-stake real trading environments compared to low-stake simulated environments [1][11] Research Findings - The study utilized a unique natural experiment design, comparing the behaviors of investors managing both real and simulated accounts, revealing that higher stakes lead to increased behavioral biases such as disposition effect, lottery stock preference, and overconfidence [10][11] - Empirical results indicate that the performance of investors in real accounts is generally lower than in simulated accounts, contradicting the belief that higher stakes would enhance decision-making quality [1][11] Theoretical and Practical Implications - This research provides a new explanatory framework for the stake effect on investment behavior, raising important methodological questions about the applicability of laboratory findings to real-world high-stake financial scenarios [2][9] - The findings have significant implications for investor education, risk management in financial institutions, and regulatory policy formulation, emphasizing the need for a deeper understanding of investor psychology in high-stake environments [2][12] Behavioral Biases Identified - The study identifies four key behavioral biases that are exacerbated in high-stake environments: 1. Stronger disposition effect (selling winners too early and holding onto losers too long) [12] 2. More pronounced lottery stock preference [12] 3. Increased tendency for overconfidence [12] 4. More frequent overtrading behavior [12] Investor Characteristics - The research highlights that the impact of stake effects varies among different investor characteristics, with larger portfolio investors being less affected and those from economically developed regions showing stronger resilience to these biases [11][12]