1 Management Center Innsbruck, Universitätstrasse 15, Innsbruck 6020, Austria.
2 Experimental Gambling Research Laboratory, School of Health, Medical and Applied Sciences, CQUniversity, 400 Kent St, Sydney, NSW 2000, Australia.
J Behav Addict. 2021 Sep 28;10(3):683-689. doi: 10.1556/2006.2021.00058.
Personal investors decrease their stock market investment returns by trading frequently, which the behavioral finance literature has primarily explained via investors' overconfidence and low levels of financial literacy. This study investigates whether problem gambling can help account for frequent trading in a sample of active gambler/investors, as suggestive of frequent trading being in part driven by a behavioral addiction to gambling-like activities.
A retrospective cross-sectional study of 795 US-based participants, who reported both being active gamblers and holding stock market investments. Recollected stock trading activity (typical portfolio size, purchases and sales of stocks) was compared with scores on the Problem Gambling Severity Index, a financial literacy scale, and a measure of overconfidence.
Self-reported relative stock portfolio turnover was positively associated with problem gambling scores. This association was robust to controls for financial literacy, overconfidence, and demographics, and occurred equally among investors of all self-reported portfolio sizes.
This study provides support for the hypothesis that behavioral addiction to gambling-like activities is associated with frequent stock market trading. New investment products that increase the ease of trading may therefore be detrimental to some investors.
个人投资者因频繁交易而降低了股票市场投资回报，行为金融学文献主要通过投资者的过度自信和较低的金融素养来解释这一现象。本研究通过对活跃的赌/投资者样本进行调查，考察赌瘾是否可以解释频繁交易行为，因为这表明频繁交易部分是由对类似赌博活动的行为成瘾驱动的。
这是一项对 795 名美国参与者的回顾性横断面研究，这些参与者报告称自己既是活跃的赌徒，又是股票市场的投资者。对参与者的股票交易活动（典型的投资组合规模、股票买卖）进行了回忆，并与赌博问题严重程度指数（Problem Gambling Severity Index）、金融知识量表和过度自信度量进行了比较。
自我报告的相对股票投资组合周转率与赌瘾评分呈正相关。在控制了金融知识、过度自信和人口统计学因素后，这种关联仍然存在，而且在所有自我报告投资组合规模的投资者中都存在这种关联。
本研究为行为成瘾与频繁股票交易之间存在关联的假设提供了支持。因此，那些增加交易便利性的新型投资产品可能会对某些投资者造成损害。
