Does communication increase investors’trading frequency?Evidence from a Chinese social trading platform  

作　　者：Xuejun Jin Jiawei Yu 

机构地区：[1]School of Economics,Zhejiang University,866 Yuhangtang Road,Hangzhou,China

出　　处：《Financial Innovation》2022年第1期1864-1895,共32页金融创新（英文）

基　　金：National Natural Science Foundation of China(Grant No.7167030951).

摘　　要：This study examines the impact of communication on investors’trading frequency based on a unique dataset drawn from a Chinese social trading platform.We find robust evidence that real-account portfolio owners on the platform trade more frequently under the influence of the comments posted by their leaders(the owners of portfolios they have followed).Moreover,portfolio owners are more sensitive to the quantity than to the tone of leaders’comments.Finally,both trading frequency and leaders’comments negatively impact portfolio owners’future performance.Our find-ings support the notion that social interaction promotes active investment strategies.

关 键 词：COMMUNICATION Social interaction Social trading platform Trading frequency 

分 类 号：F752[经济管理—国际贸易]