Trading Hours and Retail Investment Performance 交易時間和零售投資表現

限制交易時間可以減輕零售投資者過度交易的傾向，從而改善投資組合的表現。

Abstract 摘要

We examine the effects of stock market access, and in particular trading hours, on retail investment performance. Using discontinuities around time zone borders, we find that plausibly exogenous decreases in waking trading hours are associated with meaningful increases in retail investors’ capital gains, as reported on tax returns for the U.S. population. Our results indicate that limiting trading hours mitigates retail investors’ tendencies to trade “too much,” leading to improvements in portfolio performance. Our findings inform discussions among academics, practitioners, and regulators about the potential detrimental effects of decreasing barriers to entry for retail investors in trading markets.
我們研究了股市進入的影響，尤其是交易時間對零售投資表現的影響。通過在時區邊界周圍的不連續性，我們發現在清醒交易時間減少的情況下，零售投資者的資本收益顯著增加，這些收益是根據美國人口的稅務申報報告得出的。我們的結果表明，限制交易時間可以減輕零售投資者過度交易的傾向，從而改善投資組合的表現。我們的研究結果對學術界、從業人員和監管機構之間的討論提供了有關降低零售投資者進入交易市場壁壘可能產生的不利影響的信息。

論文網址

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4486721