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1、文献综述一:>Calvet,L・，Campbell」.，Sodini,P.,2009a.Fightorflight?Portfoliorebalancingbyindividualinvestors.QuarterlyJournalofEconomics124,301-348.《逃跑还是战斗？个人投资者的投资组合再调整》Thispaperinvestigatesthedynamicsofindividualportfoliosinauniquedatasetcontainingthedisaggregatedwealth
2、ofallhouseholdsinSweden.Wealthy,educatedinvestorswithbetterdiversifiedportfoliostendtorebalancemoreactively.Householdsaremorelikelytofullyselldirectlyheldstocksifthosestockshaveperformedwell,andmorelikelytoexitdirectstockholdingiftheirstockportfolioshaveperformed
3、well;buttheserelationshipsaremuchweakerformutualfunds,apatternthatisconsistentwithpreviousresearchonthedispositioneffectamongdirectstockholdersandperformancesensitivityamongmutualfundinvestors.Finally,thetendencyforhouseholdstofullysellwinningstocksisweakerforwea
4、lthyinvestorswithdiversifiedportfoliosofindividualstocks.论文数据来源于财富分散化的瑞典家庭，研究了个人投资者投资组合的动态情况。发现富有的、受过良好教育且投资多样化的投资者更倾向于积极地再调整投资组合。（一般情况）投资者倾向于卖出表现好的股票，此现象在共同基金领域不太明显，这也与先前关于股票持有者处置效应和共同基金投资者敏感性的研究相一致。对富有且投资组合多样化的投资者来说，处置效应不甚明显。>Calvet,L.，Campbell,!.,Sodini,P.,200
5、9b.MeasuringtheHnancialsophisticationofhouseholds.AmericanEconomicReview99,393-398.《衡量家庭的金融复杂性》Inthispaper,wejointlyanalyzeseveralinvestmentmistakesinacomprehensive,high-qualitypanelofhouseholdfinances.WeusetheSwedishpaneltosimultaneouslyinvestigatethreetypesofin
6、vestmentmistakes:underdiversification,inertiainrisktaking,andthedispositioneffectindirectstockholdings.Consistentwithearlierresearch,financialwealth,familysizeandeducationarefoundtohaveanegativeimpactonthelevelofallthreemistakes.Thesefindingsmotivatetheconstructi
7、onofanindexoffinancialsophistication,whichisobtainedbyregressingthenegativeofthemistakevectoronasinglecombinationofhouseholdcharacteristics.分析了家庭金融三种类型的投资误区：多样化程度低、风险承担方面的惯性、直接股票持有方面的处置效应。与早期的研究相一•致，金融财富、家庭规模和教育程度对上述三种投资误区有反向影响。这些研究发现也促进了金融复杂性指数的构建。>Odean,T.,1999
8、・Doinvestorstradetoomuch?AmericanEconomicReview89,1279-1298.《投资者交易过多吗》Thispapertakesafirststeptowardsdemonstratingthatoveralltradingvolumeinequitymarketsisexce
