Statman, Meir; Thorley, Steven; Vorkink, Keith - In: Review of Financial Studies 19 (2006) 4, pp. 1531-1565
The proposition that investors are overconfident about their valuation and trading skills can explain high observed trading volume. With biased self-attribution, the level of investor overconfidence and thus trading volume varies with past returns. We test the trading volume predictions of...